Finance Watch: Two Biopharma IPOs Bring US Total To 17

After a month and a half initial public offering drought, two biopharmaceutical companies – Neumora Therapeutics, Inc. and RayzeBio, Inc. – launched IPOs in the US and grossed $561m combined on 14 September, in two of the largest first-time offerings this year.

Neumora sold 14.7 million shares at $17 each to gross $250m, which was in the middle of a proposed $16 to $18 price range. RayzeBio grossed $311m from the sale of 17.3 million shares at $18 each, upsized from a proposed offering of 13.2 million shares at $16 to $18 each. Both IPOs, given the size and the pricing, indicate that investors may be intrigued by certain biopharma opportunities, especially those like Neumora and RayzeBio with programs entering Phase III development