Comparing long-term value creation after biotech and non-biotech IPOs, 1997–2016
| Autor: | Skyler de Boer, Ekaterina Galkina Cleary, Liam Fitzgerald, Laura M. McNamee, Jeremy Holden, Fred D. Ledley |
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| Jazyk: | angličtina |
| Rok vydání: | 2021 |
| Předmět: |
0301 basic medicine
Market capitalization Time Factors Economics Clinical Research Design Science Political Science Social Sciences Bioengineering Public Policy Kaplan-Meier Estimate Research and Analysis Methods 03 medical and health sciences 0302 clinical medicine Mathematical and Statistical Techniques Revenue Statistical Methods Investments Statistical Data Multidisciplinary business.industry Financial risk Experimental Design Research Statistics Biology and Life Sciences Taxes Shareholder value Survival Analysis Biotechnology Net asset value 030104 developmental biology Research Design 030220 oncology & carcinogenesis Value (economics) Physical Sciences Medicine Engineering and Technology Business Listing (finance) Initial public offering Finance Mathematics Research Article |
| Zdroj: | PLoS ONE PLoS ONE, Vol 16, Iss 1, p e0243813 (2021) |
| ISSN: | 1932-6203 |
| Popis: | We compared the financial performance of 319 BIOTECH companies focused on developing therapeutics with IPOs from 1997–2016, to that of paired, non-biotech CONTROL companies with concurrent IPO dates. BIOTECH companies had a distinctly different financial structure with high R&D expense, little revenue, and negative profits (losses), but a similar duration of listing on public markets and frequency of acquisitions. Through 2016, BIOTECH and CONTROL companies had equivalent growth in market cap and shareholder value (>$100 billion), but BIOTECH companies had lower net value creation ($93 billion vs $411 billion). Both cohorts exhibited a high-risk/high reward pattern of return, with the majority losing value, but many achieving growth multiples. While investments in biotechnology are often considered to be distinctively risky, we conclude that value creation by biotech companies after IPO resembles that of non-biotech companies at a similar stage and does not present a disproportionate investment risk. |
| Databáze: | OpenAIRE |
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