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.
Financing Quarterly Statistics, Q1 2023
A Look At Financing Activity Across The Biopharma, Medical Device And In Vitro Diagnostics Industries, January-March 2023
During Q1, biopharmas brought in an aggregate $13.6bn in financing and device company fundraising totaled $1.8bn; while in vitro diagnostic firms and research tools players raised $753m.
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