The memory of biotech’s recent boom faded that much more in the first quarter, as the once-thriving market for IPOs slowed to a four-year low. Now, with April’s first Wall Street debut underperforming expectations, it’s unclear whether the winter slump was a painful blip or a glimpse of the new normal.
Tocagen, a gene therapy company focused on cancer, priced its IPO at the bottom of its expected range, raising $85 million at just $10 a share. The company had hoped to price at $12, and it increased the number of shares offered by 17 percent to help make up the difference. Tocagen traded up after its debut Thursday, closing above $11.50.