Pictured: New York Stock Exchange building/Courtesy, istock, rmbarricarte
Despite a chilling economy, at least six biotechs and biopharmas have posted sizable IPOs in 2023. Compared with last year, however, it’s clear that the industry is still in an IPO drought.
In 2022, 47 biotech IPOs raised a total of about $4 billion. That was already a steep dropoff from 2021, when 152 offerings raised more than $25 billion, according to Reuters.
This may well be a low point for biopharma IPOs, said biotech analyst Chris Dokomajilar, founder and CEO of DealForma Database. Going forward, he predicted, the recent slowdown in interest rate hikes could spell a positive change for the industry, with more IPOs coming in the second half of the year.
Here are 2023’s IPOs in biopharma and biotech thus far.
- IPO date: June 30
- IPO share price: $5
- Total: $18.9 million**
- Current share price: $5.80*
Connecticut-based Intensity Therapeutics is initiating a Phase III study of its drug, named INT230-6, targeting sarcoma, as well as a Phase II/III study for early-stage breast cancer using the same therapeutic approach, according to the company.
Acelyrin
- IPO date: May 4
- IPO share price: $18
- Total: $540 million
- Current share price: $19.50
Acelyrin is a California-based late-stage clinical biopharmaceutical company focused on developing immunology drugs. The company’s pipeline includes Phase III izokibep for psoriatic arthritis and lonigutamab for thyroid eye disease in Phase II.
CytoMed Therapeutics
- IPO date: April 13
- IPO share price: $4
- Total: $9.6 million
- Current share price: $5.64
CytoMed Therapeutics, based in Singapore, is an R&D company specializing in cell-based immunotherapy for cancer treatment. The company’s chimeric antigen receptor (CAR) T cell technology has supported the development of a pipeline of therapies, particularly in the treatment of hematological malignancies. Its leading CAR T cell technology, called CTM-N2D therapy, is poised to enter a Phase I clinical trial for various advanced cancers.
Mineralys Therapeutics
- IPO date: February 9
- IPO share price: $16
- Total: $192 million
- Current share price: $15.25
Mineralys Therapeutics is a Pennsylvania-based biopharma focused on developing targeted drugs for diseases driven by elevated aldosterone levels. Its lead candidate, lorundrostat, has shown promising results in clinical trials for the treatment of uncontrolled hypertension.
Structure Therapeutics
- IPO date: February 2
- IPO share price: $15
- Total: $161 million
- Current share price: $33.27
Structure Therapeutics, a clinical-stage biopharma headquartered in California, specializes in developing oral therapeutics for chronic diseases. The company’s IPO can be attributed to positive outcomes from GSBR-1290, an orally available small molecule agonist for treating type 2 diabetes and obesity.
Genelux
- IPO date: January 25
- IPO share price: $6
- Total: $15 million
- Current share price: $33.35
Among California-based Genelux’s candidates is Olvi-Vec (olvimulogene nanivacirepvec), a proprietary oncolytic vaccinia virus tailored to combat ovarian cancer. Through multiple early- and mid-phase clinical trials involving approximately 150 patients, Olvi-Vec has showcased positive efficacy and safety results, according to Cancer Network.
Cadrenal Therapeutics
- IPO date: January 20
- IPO share price: $5
- Total: $7 million
- Current share price: $1.74
Cadrenal Therapeutics, based in Florida, is focused on a cardiorenal therapy called tecarfarin. It’s designed to prevent systemic thromboembolism originating from the heart in patients with end-stage renal disease and atrial fibrillation. This drug is an oral anticoagulant and a vitamin K antagonist, exhibiting a mechanism of action similar to warfarin, which is prescribed for systemic thromboembolism prevention. The FDA granted Fast Track designation to the drug on Jan. 23, three days after the company went public.
*Reflects IPO totals before deducting underwriting discounts and commissions and other offering expenses payable
**Current prices from Market Watch as of market close, Tuesday, June 11.
Lisa Munger is a senior editor at BioSpace. You can reach her at lisa.munger@biospace.com. Follow her on LinkedIn.
