It took four weeks, but the second quarter of 2022 finally has its first two biopharmaceutical initial public offerings in the US, launched by HilleVax, Inc. and Belite Bio late on 28 April. The offerings bring this year’s total to 11 IPOs in the US – the nine offerings during the first quarter were a fraction of the 32 first-time offerings recorded in Q1 2021, a record-breaking year.
The number of offerings so far in 2022 is not surprising given ongoing macroeconomic concerns, including widespread inflation and supply constraints, and poor biotech stock performance since mid-2021; the Nasdaq Biotechnology Index (NBI) is down 20.5% since the start of 2022 and 23.6% over the past year. However, HilleVax closed up 12
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