Biotech IPOs Slow As Trump-Sown Uncertainty Rattles Nerves On Wall Street

In early February, Braeburn Pharmaceuticals pulled the plug on an initial public offering that it hoped would bring in $150 million to boost the development of a drug to treat opioid addiction. It had just announced the IPO two weeks earlier, about the time that Donald Trump was sworn in as President. But after a series of moves by the President-elect that included blasting Big Pharma CEOs for high drug prices and meeting with controversial candidates to head up the FDA, Braeburn’s executives abruptly decided the market environment “does not represent an appropriate financing opportunity,” the company said in a statement.