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Cell therapy startup Turnstone adds to biotech IPO flurry with $80M raise

July 21, 2023

There hasn’t been much good news about biotech IPOs in the last year and a half, with the pace of new stock offerings dropping off substantially since a 2021 peak. But a recent flurry of activity over the last few weeks has provided some reason for optimism.

With Turnstone’s pricing on Thursday, four biotechs have now successfully gone public over a one-month period, the first time that’s happened since February 2022, according to BioPharma Dive data.

Three of the four — Apogee Therapeutics, Sagimet Biosciences and now Turnstone — have raised at least $80 million, sums that are more typical of historical industry norms. Apogee also outperformed expectations, bringing in $300 million in the sector’s fourth largest offering since the start of 2022.

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