The tail end of the year is often a weak period for biotech flotations, so perhaps the fact that the companies that went public in Q4 of 2023 managed to raise more than those in either Q1 or Q2 is a hopeful sign.
IPOs Fizzle Out In The Fourth Quarter
Just three biotech companies floated in the last three months of 2023, but there may be hope for a resurgence next year.
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The US FDA approved anti-CD19 antibody Uplizna, from Amgen’s $27.8bn purchase of Horizon in 2023, for IgG4-related disease – a larger market than its original NMOSD indication.
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BeiGene’s Phase III ociperlimab joins the list of failed TIGIT inhibitors, as candidates from Roche, Merck & Co. and others have failed late-stage studies.
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It might be the beginning of the end for the orphan drugs party but there is still sales growth enjoyment to be had for the sector, whose star performers are now looking increasingly like mainstream drugs.