Fenix Parts, a recycler and reseller of original equipment manufacturer (OEM) automotive products, is seeking to fund a roll-up acquisition of eight auto salvage businesses with proceeds from a US$121m IPO.
The playbook for funding early-stage biotechnology companies is well established. Two-plus years into a booming investor interest in new drugs has been a windfall for the industry – the Nasdaq Biotech Index (.NBI) is up 50% since the beginning of 2013, and 168 companies have gone public on US exchanges over that period of time, based on Thomson Reuters data.
In a sign of continued investor interest in early-stage biotechnology companies, Blueprint Medicines and CoLucid Pharmaceuticals appear headed toward successful outcomes on their IPOs. Both deals are over-subscribed ahead of scheduled pricing after the market close today, sources close to the deals told IFR.