Healthcare IPOs: Why the rush?

This was supposed to be healthcare’s year, as numerous European companies were slated to raise bucketloads of cash. But things aren’t working out as planned. Three biotechs have cancelled their planned floats in the past week. Of the five successful floats this year, bankers had to cut the valuations in four of them. And the reductions have been substantial, at an average of 28%. And all five companies that did float are currently trading below their initial price. This doesn’t look good, as the...