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Finance Watch: Turnstone Biologics Launches 14th Biopharma IPO Of 2023

Upsized Offering Prices At Low End Of Proposed Range

 
• By Mandy Jackson

Turnstone’s initial public offering comes just one week after Apogee and Sagimet launched US IPOs. Also, Westlake Village BioPartners raised $450m for its third venture capital fund and argenx grossed $1.27bn in a post-Phase III follow-on offering.

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The number of initial public offerings in the US by biopharmaceutical companies in 2023 may be able to at least match the number of IPOs in 2022 now that another company has made its stock market debut. With Turnstone Biologics, Corp..’s 20 July offering, 14 biopharma firms have gone public so far this year versus last year when 15 had launched IPOs by the end of July.

Turnstone’s offering follows IPOs by Apogee Therapeutics, Inc. and Sagimet Biosciences Inc. just one week earlier, which have had mixed receptions to date. Apogee closed at $20.40 on 21 July, up 20% from its $17 IPO price, while Sagimet closed at $15.94, down just 0

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