This week started with many intently watching AppDynamics, which was set to be the first US tech IPO of 2017—and a big one at that. The plan was foiled, however, when, in a surprise move, Cisco (NASDAQ: CSCO) stepped in at the last second and acquired AppDynamics for a whopping $3.7 billion.

While the tech industry was seemingly robbed of a prized IPO, two VC-backed healthcare companies were quietly prepping public offerings, both of which were completed Thursday.

As Tech Still Waits, Two VC-Backed Healthcare Startups Go Public
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VC-backed Healthcare

AnaptysBio (NASDAQ: ANAB), a San-Diego based biotech developing inflammation and immune-oncology treatments, raised $75 million by selling 5 million shares for $15 each—the midpoint of its announced range. The float was a long time coming for a company that initially filed its S-1 in September 2015. ANAB stock closed the day at $17, up 13.3%.

A sizeable portion of the IPO proceeds, an estimated $25 million, will be used to fund the development of two of the company’s candidates through initial clinical trials. The company was founded in 2005 and had secured about $90 million in funds from firms including Frazier Healthcare Partners (23% pre-IPO stake), Novo Ventures (21.1%) and Avalon Ventures (15.1%).

Swiss biopharmaceutical company ObsEva (NASDAQ: OBSV) also took the plunge into the public markets, pricing a slightly larger offering at $15—the midpoint of its expected range—to raise $96.75 million. Public investors weren’t as enthusiastic for this debut, however, as the stock closed at $11.65, down 22.3%.

The company, which develops therapeutics for women’s reproductive health and pregnancy, had raised roughly $94 million since its 2012 founding; investors include Sofinnova Partners (16.6%), Sofinnova Ventures (13%) and Novo Ventures (11.7%). ObsEva intends to use a large portion of the IPO proceeds, an estimated $49 million, to complete Phase II clinical trials, and start Phase III clinical trials, for one of its main candidates.

So, although the tech industry will have to wait for its first IPO this year, the healthcare industry is moving right along. PitchBook Platform users can view our full data on US VC-backed healthcare IPOs here.

Article by Mikey Tom, PitchBook