The Future of Japanese Bioventures by P Reed Maurer

13 October 2009

It is difficult to be optimistic about the future of Japanese bioventures. To date the track record is miserable. Out of the roughly 600 bioventures, only 22 managed to go public. 20 of these are analyzed in the chart below. Please note the following:

For most companies, the first listed price was above the offering price. This means pre Initial Public Offering investors could realize a capital gain if they sold their shares soon after the IPO;
raised for companies via an IPO was rather modest considering the cost of taking new drugs through clinical trials; and
IPO investors took a bath if you compare the price of shares as of September 30, 2009 with the first listed price. Potential market capitalization for all but four of the firms is negative.

Click Here to View Chart

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