VC-backed IPO activity remains weak in Q2 with 12 U.S. deals

The number of venture-backed IPOs in the United States doubled in the second quarter, but activity remained at a low level with biotech offerings outpacing tech by a wide margin, according to a report from Thomson Reuters and the National Venture Capital Association.

M&A activity involving venture-backed companies also was soft during the period with 64 deals, down from 91 in the first quarter, the study found.

Twelve IPOs took place during the period, nine of which were biotech companies. While that is double the number of the first quarter, it is well below the quarterly levels of last year. The total raised during the period was $893 million.

The largest deal was the Twilio offering, which raised $150 million.

M&A activity was led by technology, which accounted for 46 of deals. Software and Internet were the most active sectors. Ten life sciences deals took place, including the largest deal of the quarter: Abbvie’s $5.8 billion purchase of Stemcentrx.