Biotech IPOs bounced back in first quarter, but backlog remains

April 12, 2024


Initial public offerings by biotechnology companies reached pre-pandemic levels during the first quarter, with nine drugmakers collectively raising more than $1.3 billion, according to BioPharma Dive data.

The sum is more than three times the $375 million in total proceeds from biotech IPOs in the first quarter last year, and roughly matches the first quarter total in 2020.

Six of the nine biotechs to price IPOs between January and March raised $100 million or more. The largest two offerings, from CG Oncology and Kyverna Therapeutics, raising $380 million and $319 million respectively.

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