IPOs Numbers Rise In 2024 But Dwindling Returns Could Diminish Potential In 2025

New Year Still Off To Good Start With Five Offerings

Most biopharma firms that went public in the US in 2024 had a strong start, but by year-end many were trading in negative territory and in 2025 most are below their IPO values, raising questions about IPO prospects in 2025.

Only two drug developers that went public in 2024 are still trading above their IPO values (Shutterstock)

A thriving market for initial public offerings is essential for biopharmaceutical industry growth as firms seek to expand drug development programs beyond the scope of what their venture capital backers can continue to support. And in 2024, a few more drug developers made it through the IPO window in the US than in the prior year, with 25 offerings versus 21 in 2023 – a hopeful sign for 2025.

Five biopharma firms have gone public in the US as of late February, but for IPO investors to continue to back the sector this year, drug developers that launch first-time...

Read the full article – start your free trial today!

Join thousands of industry professionals who rely on Scrip for daily insights

Start your 7-day free trial
Explore trusted news, analysis, and insights
Access comprehensive global coverage
Enjoy instant access – no credit card required

Start Free Trial

Already a subscriber?

Finance Watch: Prime, Kyverna, Allogene And More Announce Job Cuts

21 May 2025

• By Mandy Jackson

Restructuring Edition: Prime Medicine ended its sole clinical-stage program to prioritize preclinical and partnered programs, cutting 25% of its workforce to extend its cash runway. Meanwhile, earnings season brought workforce reductions at Kyverna, Allogene, Leap and others.

Affimed’s ASCO ‘Hail Mary’ As Survival Chances Slim

20 May 2025

• By Kevin Grogan

The German biotech has been forced into insolvency and NASDAQ suspension.

Hengrui Set For Biggest Biopharma IPO So Far This Year

15 May 2025

• By Dexter Jie Yan

Jiangsu Hengrui Pharmaceuticals is gearing up for what will be 2025's biggest biopharma IPO so far, hoping to raise up to $1.27bn on the Hong Kong Stock Exchange. China's top drug maker by pipeline size plans to use part of the proceeds to reboot its overseas clinical trials ambitions.

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

13 May 2025

• 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.

PureTech’s IPF Candidate Ready For Phase III After Efficacy Win

21 May 2025

• By Andrew McConaghie

Coming one day after Boehringer’s underwhelming data, PureTech’s tweaked molecule, deupirfenidone, shows promise in slowing idiopathic pulmonary fibrosis.