Apogee Therapeutics, Inc. and Sagimet Biosciences, Inc. saw nothing unlucky about launching their initial public offerings on the 13th day of July, marking the first big biopharmaceutical company IPOs of the summer. Both companies sold more shares than planned and within proposed price ranges to gross $300m and $85m, respectively, in their public market debuts.
It still is unclear, however, whether 2023 will turn into a lucky year more broadly for companies that wish to go public. The number of biopharma IPOs in the US plummeted from a record of 107 in 2021 to 22 in 2022 and in 2023 the industry appears to be on track to match or come in slightly below last year’s pace. Thirteen companies – 12 excluding Kenvue Inc
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