As coronavirus spreads, a biotech IPO squeaks through. Others may 'wait and see'

Biotech companies seeking to go public in the U.S. face a stiff test during the surging outbreak of the new coronavirus, which is dragging down the stock market as the risks to the broader economy become real.

Initial public offerings by biotechs haven't slowed quite yet. Imara, a sickle cell disease drug developer, became the ninth drugmaker to list shares in the U.S. this year, matching 2019's pace through 10 weeks.