This has been an exceptional year for IPOs, with more than 39 in the biotechnology industry alone. While many companies consider an IPO the favored approach for going public, M&A activity also remains robust. A surprising number of companies are also evaluating lesser-known alternatives for entering the public financing markets, from the Form 10 self-filing process to the repurposing of public shells and reverse mergers. When does each approach make most sense? How will 2014 compare to the remarkable year of 2013?
Financing options in the life sciences, the hot IPO market, novel deal structures, important recent legislation, and the role of the SEC will all be considered when discussing the many significant events in 2013, and what they might mean for financing our industry in the new year.
Bryan Giraudo is the Managing Director at Leerink Swann in San Francisco, where he is responsible for the Firm's West Coast mid and small cap biotechnology and medical technology relationships. Previously, Bryan joined Merrill Lynch in 1997. He has executed more than 100 public financings in his 16-year career in investment banking, including IPOs, follow-on and convertible financing transactions, product and company buy-side, sell-side and corporate collaboration strategic advisory assignments for biotechnology, specialty pharmaceutical and medical technology clients. Recent transactions include financings for Orexigen, ZymoGenetics, and Theravance, as well as Ventana Medical System's hostile defense and subsequent sale to Roche, and the sale of Cougar Biotechnology to Johnson & Johnson. Bryan received his B.A. from Georgetown University.