Biopharma financing during the opening quarter of 2023 totaled $13.6bn from 208 deals. Overall, follow on public offerings (FOPOs) made up the greatest proportion (34%) of the financing dollars (see Exhibit 1), with 38 deals bringing in an aggregate $4.6bn. The biggest was by Karuna Therapeutics (medicines for psychiatric and neurological conditions), which netted $437m in its March FOPO. The company plans to use the proceeds to fund ongoing development and future commercialization of its KarXT (xanomeline-trospium) for psychosis in schizophrenia. During Q1, there were 19 other companies with FOPOs of $100m or more.
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