The pace of IPOs in 2022 is far below the record-breaking number of first-time offerings in 2021, with the last initial public offering in the US by a biopharmaceutical company completed by Acrivon Therapeutics, Inc. in mid-November, but drug developers continue to take an alternative route to the public market in the US by merging with special purpose acquisition corporations.
Finance Watch: No New IPOs, But Two Firms Take The SPAC Route
Only 20 Companies Have Launched Initial Offerings In 2022
Public Company Edition: NewAmsterdam grossed $328m in its SPAC merger, while Liminatus may raise up to $316m in a new SPAC deal. Also, Intellia and Iveric grossed $300m each in follow-on offerings, bluebird sold a PRV for $102m and MEI ends zandelisib development resulting in layoffs.

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The four-year-old firm said it plans to advance programs toward the clinic from the funding round, which comes just over a year after signing two major pharma partnerships.
Private Company Edition: The latest group of drug developers to announce venture capital financings is remarkable for its geographic diversity, from Character Biosciences’ $93m series B round in the US to Augustine’s $85m series B in Belgium to a $29.2m series C for Aculys in Japan.
Kyoto-based venture moves HQ to California to expand R&D and business outreach for its regulatory T-cell technology, as it raises around $46m in public and private funding.
The Belgian firm banks nearly €77.7m to push its Charcot-Marie-Tooth to proof-of-concept.
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The four-year-old firm said it plans to advance programs toward the clinic from the funding round, which comes just over a year after signing two major pharma partnerships.
A Phase III trial testing the cortisol modulator showed a benefit on PFS and OS in patients with platinum-resistant ovarian cancer.
Senior executives from AstraZeneca, BMS, Novo Nordisk, Takeda and Regeneron outline how big pharma's global capability centers (GCCs) in India are evolving beyond cost efficiency, focusing on innovation, “agile experimentation” and new technology including GenAI, virtual & augmented reality, with some positioned as COEs. Will Indian multinationals use the GCC approach?