Money Is Flowing Into Biopharma But Funders Are Investing Selectively
Financial Turnaround Remains Elusive, 2024 Uncertain
Venture capital and public market fundraising have grown increasingly difficult since 2021, but while there are glimmers of hope, the rules for who can raise venture cash or launch an IPO have changed.
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Public Company Edition: J&J’s consumer health spinout Kenvue grossed $3.8bn in its public market debut and Acelyrin raised $540m in an upsized IPO. Also, Seres accessed $250m in new debt for Vowst commercialization while follow-on offerings raised $325m for ImmunoGen and $240m for Morphic.
INFOGRAPHIC: The number of biopharma offerings in 2022 was far below records set in 2020 and 2021, but also below more normal years of 2018 and 2019. The IPO class of 2022 eked out a positive average return, however.
Amgen detailed plans for increasing sales of drugs acquired in its Horizon transaction and outlined growth opportunities in its R&D pipeline during a rare disease showcase.