Many public biopharmaceutical companies have taken advantage of the ongoing capital markets recovery in 2024 by raising money through follow-on public offerings (FOPOs) after announcing key research and development, regulatory or other business milestones. Revolution Medicines and NewAmsterdam Pharma are among drug developers who closed significant FOPOs in December after important clinical trial readouts, grossing $862.5m and $479m, respectively.
Finance Watch: FOPO Surge Continues With Big Offerings From Revolution, NewAmsterdam
Jupiter Closes 25th Biopharma IPO In US For 2024
Public Company Edition: Revolution Medicines grossed $862.5m and NewAmsterdam raised $479m in follow-on public offerings, continuing this year’s rise in FOPOs. Janux, CG Oncology, Rocket, ImmunityBio, Protara and Candel also recently raised significant follow-on cash.
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Private Company Edition: The latest group of drug developers to announce venture capital financings is remarkable for its geographic diversity, from Character Biosciences’ $93m series B round in the US to Augustine’s $85m series B in Belgium to a $29.2m series C for Aculys in Japan.
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Public Company Edition: Cargo suspended development and cut 90% of its workforce to focus on strategic alternatives, while Pyxis and Kiromic laid off or furloughed employees. Also, Pfizer sold its remaining Haleon shares for $3.3bn, Galderma sold $1bn in bonds and other financings.
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Private Company Edition: There have been five $100m-plus VC rounds so far this month, up from three in all of February. Flagship unveiled Lila Sciences with $200m, while Curevo and Insilico raised $110m in series B and E rounds, respectively. Also, Arbor Biotech garnered $73.9m.
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