In the biggest Bay Area biotech IPO this year, FibroGen Inc. raised $146 million, selling 8.1 million shares at $18 each.
The initial public offering is a coming out party of sorts for San Francisco’s FibroGen (NASDAQ: FGEN), which has mostly stayed quiet while building a hefty portfolio of experimental drugs and two big partnerships while becoming the largest biotech employer in Mission Bay.
But the offering is another indicator that high-end IPO investors will pay up for IPOs in the high-risk biotech space when those companies have substantive drugs in the works.
In all, 18 Bay Area life sciences have gone public this year, raising more than $1.4 billion. Before FibroGen, the largest of those local offerings was $126 million by growth hormone developer Versartis Inc. (NASDAQ: VSAR) and earlier this month by Nevro Inc., the maker of a medical device to alleviate pain (NASDAQ: NVRO).
Read more: BIOTECHsf – San Francisco Business Times (blog) FibroGen’s $146M IPO haul vaults to top of Bay Area biotech offerings