Finance Watch: Structure Launches Third And Largest US Biopharma IPO Of 2023

First Two, Genelux And Cadrenal, Grossed Just $22m Combined

Public Company Edition: Structure Therapeutics’ upsized initial public offering raises $161.1m, surpassing proposed terms for up to $134.3m. Also, Pliant capitalizes on good data with a $287.5m follow-on offering, while Magenta seeks strategic alternatives and Instil reveals more job cuts.

Finance Watch Public Company — • Source: Alamy

The market for initial public offerings by biopharmaceutical companies declined to just 22 IPOs in the US in 2022 and it has gotten off to a slow start in 2023 with just three small offerings to date, but the third may signal that investors are warming up to bigger opportunities. Structure Therapeutics, Inc., which initially proposed an IPO raising up to $134.3m, went public with the sale of 10.74 million American depository shares (ADSs) at $15 per ADS on 2 February to gross $161.1m.

Structure previously said in a 30 January filing with the US Securities and Exchange Commission (SEC) that it may sell...

Read the full article – start your free trial today!

Join thousands of industry professionals who rely on Scrip for daily insights

Start your 7-day free trial
Explore trusted news, analysis, and insights
Access comprehensive global coverage
Enjoy instant access – no credit card required

Start Free Trial

Already a subscriber?

Abivax Over The Moon As Obefazimod Storms Phase III

23 Jul 2025

• By Kevin Grogan

Stock shoots up over 460% on positive results in two ulcerative colitis trials of the oral first-in-class candidate.

Scrip M&A Podcast: Is Biopharma M&A In A Holding Pattern Or A ‘New Normal’

23 Jul 2025

• By Joseph Haas

Scrip discusses the latest M&A activity and trends with CEO Shawn Titcomb of Allele Capital and Cheryl Reicin, a partner focused on international life sciences activity at Mintz.

Finance Watch: Sarepta’s Debt Woes Grow With Elevidys Shipment Pause

22 Jul 2025

• By Mandy Jackson

Public Company Edition: Sarepta restructured after stopping shipments of its Elevidys for some patients to ease future debt pressures, but now it has stopped shipments to all patients. Also, Madrigal secured up to $500m in new debt, Cogent closed a $230m offering and other financings.

Avalyn Raises $100m Series D To Advance Inhaled Pulmonary Fibrosis Candidates

22 Jul 2025

• By Joseph Haas

Looking to improve on the efficacy and safety of Roche’s Esbriet and BI’s Ofev, Avalyn has inhalable formulations of those drugs in Phase IIb and Phase I, respectively.