Last night 12 IPOs were expected to price, but only 8 did. Two deals were postponed: extended release biotech Mapi-Pharma (NASDAQ:MAPI) and cardiovascular diagnostic firm Lantheus (NASDAQ:LNTH). Two deals were delayed a day: osteoporosis patch biotech Zosano Pharma (NASDAQ:ZSAN) and liver biotech Tobira Therapeutics (NASDAQ:TBRA).
The 8 IPOs that priced and traded today faced a chilly reception from investors. Five of the 8 have broken their IPO prices including the $2.9 billion IPO of GE consumer finance arm Synchrony (NYSE:SYF), the largest IPO of the year, and Blackstone-backed drug delivery firm Catalent (NYSE:CTLT). The last time the IPO market digested more than 8 IPOs in a day was December 2004 and there is no historical precedent to the number of biotech offerings.
With the exception of surprising strength from wet AMD biotech Avalanche Biotech (NASDAQ:AAVL), three of the 4 biotechs were priced at or below their ranges and all have traded at least 20% below their IPO prices: cancer biotech Vascular Biogenics (VBLX), wound healing biotech Macrocure (NASDAQ:MCUR) and rare genetic disease biotech Bio Blast (NASDAQ:ORPN).
Tonight 10 IPOs are hoping to price…including 6 biotechs!