Janux Therapeutics brought the number of biopharmaceutical initial public offerings in the US this year to 47 when it priced an IPO of 11.4 million shares at $17 each on 11 June to gross $193.8m. The San Diego-based company, which is developing T-cell engagers for the treatment of solid tumors, was only the first drug developer to go public in June, but the pace of IPOs could ramp back up to the 10-per-month pace of the first quarter if investor sentiment in this sector continues to improve.
Thirty-two biopharma firms went public in Q1, but IPO volume for the industry dropped to eight first-time offerings in April and six in May as indices like the Nasdaq Biotechnology Index (NBI) reflected a cooling-off period for biotech company valuations. ([A#SC144400)] However, positive clinical trial results reported during the annual American Society of Clinical Oncology (ASCO) meeting from 4 to 8 June and US Food and Drug Administration approval of Biogen, Inc./Eisai Co., Ltd
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