Biotech 2018 IPO Mania – NASDAQ to Hong Kong
The public capital markets for life science IPOs today are in a fairly unique place. In Europe, the IPO market has remained relatively flaccid, characterized by an ongoing lack of tradable volume, limited ‘pools of capital’, and continuing wariness from institutional investors who have limited knowledge of the life sciences sector and therefore little appetite for such stocks. New Europe-wide financial market regulations (the now infamous ‘MiFID-II’) carry with them the prospect of an up to 75% decline in trading commissions, and the number of smaller stocks that are likely to be covered by Europe’s (few) remaining biotechnology analysts is limited and likely to remain that way. Thus, it is perhaps unsurprising that companies and shareholders are increasingly looking across the globe, to the United States and now beyond, for IPO opportunities.