I recently did an analysis of biopharma VC and IPO activity in 1H 2019, and one thing I looked at was which investment banks were involved in the most biotech IPOs. Thought I'd share the data here as it seems relevant.
For background, the biotech IPO market has been very active since 2013. In the last 18 months, there have been 68 VC-backed biopharma IPOs raising $50M or more on NASDAQ or NYSE. This represents 25% of all US IPOs.
These IPOs have generated $547M in fees for underwriters in the last 18 months. The average IPO generated $8M in fees.
The banks that generated the most fees from these IPOs are:
1. Goldman: $84M fees, 22 IPOs, 15 left-lead
2. JPM: $78M fees, 20 IPOs, 14 left-lead
3. Cowen: $54M fees, 24 IPOs, 2 left-lead
4. SVB Leerink: $50M fees, 21 IPOs, 2 left-lead
5. Jefferies: $50M fees, 23 IPOs, 12 left-lead
6. BofA Merrill Lynch: $45M fees, 16 IPOs, 9 left-lead
7. MS: $44M fees, 13 IPOs, 10 left-lead
8. Citi: $19M fees, 8 IPOs, 3 left-lead
9. Evercore: $19M fees, 10 IPOs, 0 left-lead
10. Piper Jaffray: $14M fees, 9 IPOs, 0 left-lead
