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Finance Watch: Kyverna, Alto Offerings Could Land In IPO Investors’ Sweet Spot

Follow-Ons And Other Financings Find Support

 
• By Mandy Jackson

Public Company Edition: Kyverna and Alto Neuroscience, which may go public in the US this year, have drug candidates in or nearing mid-stage trials. Also, Zealand’s private placement raises $211.4m, Praxis prices a $150m offering and Solid grosses $108.9m in stock sale.

Finance Watch Public Company
• Source: Alamy

At least five biopharma companies have filed paperwork with the US Securities and Exchange Commission (SEC) since the start of 2024 to signal their intention to go public this year, entering what still is a largely inhospitable market despite the recent rise in drug developer stock prices. However, the two most recent form S-1 filers – Kyverna Therapeutics and Alto Neuroscience – may fall right into initial public offering investors’ sweet spot for new IPOs.

Investors and advisors that Scrip spoke with during the recent J.P. Morgan Healthcare Conference were optimistic that the capital markets would improve for biopharma companies in 2024, with the potential for a slight uptick in IPOs relative to 2023, primarily for firms with clinical-stage drug candidates and the potential for a big pharma buyout after their next positive trial readout

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