Could London could be about to catch the biotech bug that has infected the U.S.? Allergy drug firm Circassia has raised £191M in an IPO on the London Stock Exchange after selling shares for 310 pence each at a market cap of £581M.
The U.K. biotech sector hopes the listing will open the way for a new wave of IPOs, as has occurred in the U.S. The last major offering in the industry in London before Circassia's was ten years ago; the latest IPO is also the largest biotech listing since at least 1995.
However, investors are wary after the dismal performance of other biotech plays.