Snapshots

As San Francisco Bay Area Tech companies begin to revisit IPO plans, Life Sciences forge ahead

Life Sciences IPOs now account for over 80% of year-to-date Bay Area IPOs

August 31, 2020

 

  • This year, IPOs for prominent tech companies headquartered in the Bay Area such as AirBnb, Doordash and Snowflake had been derailed as COVID-19 kept capital markets wary through the first half of the year.

  • On average, life sciences companies have raised $195 million at their IPOs this year, outperforming IPOs in the same industry last year by 42%.

  • Last year, the life sciences sector outnumbered all other industries in terms of the number of IPOs in the Bay Area, accounting for 17 of the 40 offerings. However, the average amount of money raised in each IPO for life sciences was $138 million, well below the overall average of $497 million.

  • 10x Genomics raised the most money at IPO within the life sciences category since the beginning of 2019, taking in $390 million USD. For comparison, Lyft and Uber’s IPOs last year yielded $8.1 billion and $2.34 billion respectively.

  • While the real estate impact from the life sciences sector hasn’t been as significant as the impact from sectors related to technology, some sublease spaces have begun to crop up, such as an entire building (150k square feet) at the Illumina campus in Foster City.