The state of the financial markets for biopharmaceutical companies in 2024 is about as unpredictable as the weather in San Francisco during the annual J.P. Morgan Healthcare Conference. The forecast for this year’s meeting from 8 to 11 January is a mix of sun, clouds and rain – likely a good way to describe what to expect in the capital markets in 2024.
The weather at J.P. Morgan in 2023 was cold, dark and wet, which turned out to be an apt metaphor for financial conditions for many public biopharma companies last year and for private drug developers that thought they might want to go public. Only 21 companies launched IPOs in the US in 2023, with the last of those occurring in early November, a $281.3m offering by CARGO Therapeutics Inc. (Also see "Finance Watch: CARGO Gets A Lukewarm Reception After Stock Market Debut" - Scrip, 15 November, 2023
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