The tally of biopharmaceutical companies that have gone public in the US in 2024 has now surpassed not only last year’s total but the total from 2022 now that Septerna Inc. has launched its IPO, grossing $288m on 24 October. With the Septerna offering, 23 biopharma firms have launched IPOs in 2024, up from 21 in 2023 and 22 in 2022, both of which were down sharply from a record 107 first-time offerings in 2021.
Finance Watch: Septerna Raises $288m In Public Market Debut
GPCR-Focused Firm Launches 23rd US IPO Of 2024
Public Company Edition: In addition to Septerna’s initial public offering, a new life science-focused SPAC went public. Also, Inventiva raised up to €348m ($376.2m), Akeso revealed a $250m private placement and Marinus is exploring strategic alternatives after a Phase III trial failure.
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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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Restructuring Edition: Biopharma companies used fourth-quarter updates to reveal job and program cuts to conserve cash, including Sutro, Agenus, Coherus, Inozyme and Atea. Also, Vincerx’s reverse merger was terminated and Vaccinex, Oncternal, Syros plan to voluntarily delist.
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Investing heavily in antibody-drug conjugates, AbbVie is pioneering a dual STEAP1xPSMA-targeting approach in prostate cancer, as other candidates advance.
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Strong sales growth for the German group’s SGLT2 inhibitor in 2024
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After a more than three-year hiatus, China's Hengrui has signalled its return to multiregional Phase III trials as it looks to globalize its innovative pipeline. Meanwhile, a number of other Chinese players have announced plans to kick off Phase III trials this year and beyond.