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IPO Numbers Dipped In 2023, But 2024 Is Off To A Good Start

Funds Raised This Year Double The Like Period Last Year

 
• By Mandy Jackson

There were 21 biopharma initial public offerings in 2023, including J&J’s consumer health spin-out Kenvue, versus 22 in 2022. However, IPO proceeds are rising in 2024.

Initial public offering icon on dark background
The IPO market may rebound in 2024 from big dips in 2022 and 2023 • Source: Shutterstock

Initial public offerings in the US by biopharmaceutical companies dipped slightly to 21 in 2023, including Johnson & Johnson’s spin-out of its consumer health business as Kenvue Inc., from 22 IPOs in 2022, which was down from record-breaking levels in 2020 and 2021. But based on the amount of money raised and the number of companies still trading in positive territory, relative to prior years, 2024 seems to be off to a good start.

There have been eight biopharma IPOs so far in the US this year, the last of which launched in mid-February – the same number of first-time offerings seen through mid-February in 2023

More from Financing

Finance Watch: Funding Alternatives Become The Norm In Tough Public Markets

 
• By Mandy Jackson

Public Company Edition: With fewer follow-on offerings, drug developers are pursuing other options. Axsome accessed up to $570m in debt, Evolus obtained $250m in a new credit facility and Abeona raised $155m from a PRV sale, but Apimeds was able to execute a small $13.5m IPO.

‘Market Developments’ Persuade Galapagos To Rethink Spin-Off

 
• By Andrew McConaghie

CEO Paul Stoffels exits early to be succeeded by Henry Gosebruch, who will now consider ‘all options’ for the Belgian firm as it tries to claw back investor confidence.

Azafaros Banks Over €130m To Advance Nizubaglustat Into Phase III

 
• By Kevin Grogan

The therapy has been developed for GM1 and GM2 gangliosidoses and Niemann-Pick disease type C.

Finance Watch: Deerfield Closes $600m-Plus VC Fund; Gates Speeds Up Health Investments

 
• By Mandy Jackson

Private Company Edition: Deerfield’s third innovations fund will back therapeutics and other opportunities, the Gates Foundation – a sometimes funder of biotech firms – will spend $200bn over the next 20 years, and NewLimit raised a $130m series B round, among other financings.

More from Business

Azafaros Banks Over €130m To Advance Nizubaglustat Into Phase III

 
• By Kevin Grogan

The therapy has been developed for GM1 and GM2 gangliosidoses and Niemann-Pick disease type C.

Roche Reveals Another US Manufacturing Site As Tariff Pressures Seem To Ease

 
• By Mandy Jackson

Roche/Genentech unveiled plans for a $700m-plus manufacturing facility for weight loss drugs in North Carolina as President Trump signaled such investments could mean no tariffs for pharma.

Trump’s MFN Executive Order More Rhetoric Than Action

 
• By Jessica Merrill

The details of Trump’s latest executive order on drug pricing are vague and the president put more blame on other countries and pharma distributors than drug companies.