It‘s not just the volume of IPOs that is making this summer a victory for hibernating private biotechs and their VC backers; it is the details of the offerings in terms of price, performance, and type of biotech making the leap onto the public stage. In the past five years, we have not seen average offering prices land above expectations, but 2013 is breaking this trend. Price performance is also impressive, with a number of IPOs hovering near 2x the offering price. Rounding out these two positives for valuation is the return of the formerly taboo Phase I and Pre-Clinical IPOs � a qualitative signal of strength.
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