The momentum that biopharmaceutical companies gained in the eyes of investors in 2020 continued into 2021, delivering a record number of initial public offerings in the US for the second year in a row. However, biotechnology stock prices declined during the latter half of 2021, and by the end of December the average return for companies that went public in 2021 was -25.3%. Even so, experts expect a strong market for IPOs in 2022, but not enough offerings for a third record-breaking year.
The good news about declining valuations, however, is that mergers and acquisitions may become more attractive strategic alternatives for drug developers and prospective buyers alike
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