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Biotech and pharma companies undertaking capital raisings can approach the world’s capital markets in various ways. Through an initial public offering (IPO), listing either in its home jurisdiction or cross-border, biotech and pharma companies can access major global finance hubs and capital from a deep pool of investors around the world. An IPO can help a company raise its profile with customers, suppliers and the media, as well as providing it with an opportunity to improve internal systems and controls, and increase the general operating efficiency of the business as it prepares to comply with the relevant regulatory scheme for public companies.

Key business attributes of an IPO-ready company:

  • Leading market position, supported by clear and achievable strategic goals for revenue growth and profitability.
  • Attractive financial model, with an established quarterly forecast process and reliable financial reporting controls.
  • Appropriately skilled, experienced and proven management team.
  • Robust corporate governance framework.

This guide will provide you with:

  • An overview of the key stages of the process and an indicative timeline.
  • A who’s who as regards the IPO deal team.
  • Practical tips to help you achieve a successful IPO.
  • Important considerations to bear in mind when choosing a listing venue.
  • Key issues for biotech and pharma companies to consider when preparing for an IPO.
Guide to IPOs for Biotech and Pharma Companies Report



Fernando Castro joined the Firm in 2000, and has since practiced in the areas of mergers and acquisitions, corporate reorganization, capital markets and civil and commercial law. He is a licensee in Juridical and Social Sciences and obtained his LL.M. degree from the University Of Chicago in 2008.


Joakim Falkner is based in Stockholm and head of Baker McKenzie’s Capital Markets Practice Group in Europe, Middle East and Africa. He is ranked as leading lawyer for capital markets by the leading legal directories. Prior to joining Baker McKenzie in 2012, he worked at another global law firm for six years in Stockholm and London. During the last four years (2016-2019), Baker McKenzie's Capital Markets Group in Stockholm has been ranked #1 in acting for investment banks in capital markets transactions (in terms of deal volume) and #1-3 in acting for issuers in capital markets transactions (in terms of deal volume). Mr. Falkner is qualified to practice in Sweden, England and Wales and has a US LLM from Suffolk University in Boston, United States of America.


Mark Mandel is Co-Chair of the Transactional Practice Group in New York and Miami. Mr. Mandel has been named by Legal 500 as one of the leading lawyers in the US for mergers and acquisitions and recognized by IFLR 1000 for mergers and acquisitions and capital markets. Mark has also been designated a "stand-out lawyer" by Acritas Stars.


Ivy Wong is the chair of Baker McKenzie's Capital Markets practice in Asia Pacific and serves on the Global Capital Markets Steering Committee. Based in Hong Kong, Ivy is qualified in Hong Kong, England and Wales and New York. She has led many unprecedented and high-profile securities offerings and cross-border transactions in Hong Kong, including many successful listings that are first of its kind on the Hong Kong Stock Exchange and multiple landmark and innovative deals that won industry awards.

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