Biopharma financing during the first quarter of 2024 totaled $30.1bn from 298 deals. The follow-on public offering (FOPO) category made up the greatest proportion (36%) of the aggregate Q1 financing dollars (see Exhibit 1). During Q1, there were 81 FOPOs in all, of which 36 deals totaled $100m or more.
Vaxcyte (vaccines to protect from bacterial diseases) raised the most in the category with its $817m January FOPO. The company will use the proceeds for clinical development of its VAX-24 and VAX-31 pneumococcal conjugate vaccine (PCV) adult and pediatric programs, including the initiation of anticipated Phase III studies for either the VAX-24 or VAX-31 adult programs in 2025 and into 2026; manufacturing scale-up; ongoing research and development of other vaccine candidates; and potential expansion of its research pipeline
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