Clinical-stage biopharma companies are in constant need of funding and the best way to pull in money in such dire situations is by going public. 2023 had been a great year for Wall Streets across the globe with continuous announcements of IPOs
Kenvue by bagging $4.37B upon completion of its IPO ranked first in our list followed by ACELYRIN and WuXi XDC Cayman, nabbing $621M and $520M respectively
Using DealForma’s invaluable insights, PharmaShots brings a concise on the Top 20 IPOs in Healthcare by Total Fund Value
20. Oak Woods Acquisition Corp. (SPAC)
Funding Value: $50M
No. of Shares: 5M
Price Per Share: $10
IPO Announced Date: Feb 17, 2023
IPO Completion Date: Mar 23, 2023
Founded Year: 2002
Total Employees: 2
Headquarters: Ontario, Canada
Stock Exchange: NASDAQ
A Cayman Island exempted blank check company, Oak Woods Acquisition Corp. (SPAC) is founded with the purpose of entering a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses
Its focus is on small-cap businesses that have their primary operations in the technology-enabled healthcare services industry located in the Asia-Pacific region
The company nabbed $50M with its IPO in Mar 2023 by offering shares at $10 per share
19. Adlai Nortye Biopharma
Funding Value: $57.5M
No. of Shares: 2.5M
Price Per Share: $23
IPO Announced Date: Jul 27, 2023
IPO Completion Date: Sep 29, 2023
Founded Year: 2004
Total Employees: ~130
Headquarters: Hangzhou, China
Stock Exchange: NASDAQ
Adlai Nortye Biopharma is a clinical-stage biotechnology company that develops new-age cancer therapies for several tumor types
AN2025 (buparlisib) is a company’s lead asset currently being evaluated in P-III for the treatment of recurrent or metastatic head and neck squamous cell carcinoma
The company bagged in a total of $57.5M with IPO in Sep 2023 by offering shares at $23 per share
18. Cutia Therapeutics
Funding Value: $59.4M
No. of Shares: 21.3M
Price Per Share: $2.787
IPO Announced Date: May 31, 2023
IPO Completion Date: Jun 09, 2023
Founded Year: 2019
Total Employees: 236
Headquarters: Shanghai, China
Stock Exchange: HKSE
A biopharmaceutical company, Cutia Therapeutics focuses primarily on dermatology platform to develop solutions for skin and scalp diseases
The company’s core product is CU-20401, which is a recombinant mutant collagenase to treat patients with obesity, overweight, or other localized adipose accumulation-associated metabolic diseases
The company managed to generate $59.4M with IPO in Jun 2023 by offering shares at $2.787 per share
17. Bellevue Life Sciences Acquisition Corp. (SPAC)
Funding Value: $60M
No. of Shares: 6M
Price Per Share: $10
IPO Announced Date: Apr 29, 2022
IPO Completion Date: Feb 10, 2023
Founded Year: 2020
Total Employees: N/A
Headquarters: Washington, United States
Stock Exchange: NASDAQ
Bellevue Life Sciences Acquisition Corp. is a special purpose acquisition company that focuses on healthcare investing and has extensive experience in mergers and acquisitions, investment banking, and investment management
The company’s sponsor is Bellevue Life Sciences Investor, an affiliate of Bellevue Capital Management
The IPO ended up pulling in $60M in Feb 2023 by offering shares at $10 per share
16. Golden Star Acquisition
Funding Value: $69M
No. of Shares: 6.9M
Price Per Share: $10
IPO Announced Date: Dec 09, 2021
IPO Completion Date: May 01, 2023
Founded Year: 2021
Total Employees: N/A
Headquarters: California, United States
Stock Exchange: NASDAQ
A special purpose acquisition company, Golden Star Acquisition Corporation is founded for the purpose of entering a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses
The company has still not announced a particular business combination nor has generated any revenue
The company managed to pull in a $69M with IPO in May 2023 by offering shares at $10 per share
15. Aimei Health Technology
Funding Value: $69M
No. of Shares: 6.9M
Price Per Share: $10
IPO Announced Date: May 26, 2023
IPO Completion Date: Dec 01, 2023
Founded Year: 2023
Total Employees: ~2
Headquarters: California, United States
Stock Exchange: NASDAQ
A recently founded blank check company, Aimei Health Technology is incorporated to enter a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or similar business combination with one or more businesses or entities.
The company targets small-cap companies that focus on healthcare innovation in the EU, Asia, etc to develop drug and device technology as well as diagnostic and other services.
Aimei Health & Technology ended up generating a $69M with IPO in Dec 2023 by offering shares at $10 per share
14. Turnstone Biologics
Funding Value: $87.8M
No. of Shares: 7.3M
Price Per Share: $12
IPO Announced Date: Jun 12, 2023
IPO Completion Date: Jul 20, 2023
Founded Year: 2014
Total Employees: ~100
Headquarters: California, United States
Stock Exchange: NASDAQ
With a noble vision to developing next-generation tumor-infiltrating lymphocytes (TIL) therapies, Turnstone Biologics focuses on the treatment of patients with solid tumors
TIDAL-01 is the company’s first drug candidate currently in P-I Trial for cancer indications including Breast Cancer, Colorectal cancer, and Uveal Melanoma & Cutaneous and non-cutaneous melanomas
The company pulled in $87.8M through IPO in Jul 2023 by offering shares at $12 per share
13. Sagimet Biosciences
Funding Value: $96.4M
No. of Shares: 6M
Price Per Share: $16
IPO Announced Date: Jun 23, 2023
IPO Completion Date: Jul 13, 2023
Founded Year: 2006
Total Employees: ~10
Headquarters: California, United States
Stock Exchange: NASDAQii
A clinical-stage biopharma company, Sagimet Biosciences focuses on developing new-age therapies called fatty acid synthase (FASN) inhibitors for the treatment of conditions including non-alcoholic steatohepatitis, acne, and several cancers
The inhibitors target dysfunctional metabolic pathways in diseases that result from the overproduction of fatty acid & palmitate. Formerly known as TVB-2640 and currently in P-IIb, Denifanstatis is the company’s lead being studied for the treatment of moderate to advanced NASH
The company drew in $96.4M through IPO in Jul 2023 & offered shares at $16 per share
12. Lexeo Therapeutics
Funding Value: $100M
No. of Shares: 9.1M
Price Per Share: $11
IPO Announced Date: Sep 29, 2023
IPO Completion Date: Nov 02, 2023
Founded Year: 2017
Total Employees: ~60
Headquarters: New York, United States
Stock Exchange: NASDAQ
With a noble vision to transforming healthcare by leveraging innovations, Lexeo is a clinical-stage genetic medicines company dedicated to transforming healthcare industry.
The company has developed an LX2020 gene therapy candidate to deliver a fully functional PKP2 gene to cardiac muscle to treat PKP2-ACM.
By offering shares at $11 per share, Lexeo nabbed in $100M in Nov 2023
11. Laekna Therapeutics
Funding Value: $101M
No. of Shares: 63.7M
Price Per Share: $1.586
IPO Announced Date: Jun 29, 2023
IPO Completion Date: Jun 29, 2023
Founded Year: 2016
Total Employees: ~100
Headquarters: Shanghai, China
Stock Exchange: HKSE
Laekna is a clinical-stage biotechnology company that focuses on novel therapies in cancer, liver fibrosis, and metabolic diseases
Afuresertib is the company’s lead asset with six ongoing clinical trials to address unmet medical needs in cancers, such as ovarian cancer, breast cancer, and prostate cancer
Laekna bagged its $101M through IPO in Jun 2023 offering shares at $1.58 per share
10. Keen Vision Acquisition Corp. (SPAC)
Funding Value: $149.5M
No. of Shares: 14.95M
Price Per Share: $10
IPO Announced Date: Feb 09, 2023
IPO Completion Date: Jul 24, 2023
Founded Year: 2021
Total Employees: ~2
Headquarters: New Jersey, United States
Stock Exchange: NASDAQ
KVAC is a blank check company based in the US. The sole purpose of the company is effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or similar business combination with one or more businesses.
The company focuses on biotechnology, consumer goods, and agriculture
In Jul 2023, KVAC managed to pull in $149.5M through by offering shares at $10 per share
9. Structure Therapeutics
Funding Value: $185.3M
No. of Shares: 12.35M
Price Per Share: $15
IPO Announced Date: Jan 12, 2023
IPO Completion Date: Feb 03, 2023
Founded Year: 2016
Total Employees: ~100
Headquarters: California, United States
Stock Exchange: NASDAQ
Structure Therapeutics is a clinical-stage biopharmaceutical company focused on chronic metabolic and cardiopulmonary conditions. The company develops oral medications for chronic metabolic and cardiopulmonary conditions.
The company has three drug candidates in its pipeline named GSBR-1290, ANPA-0073, and LTSE-2578.
In Feb 2023, Structure Therapeutics nabbed $185.3M through IPO by offering shares at $15 per share
8. Mineralys Therapeutics
Funding Value: $220.8M
No. of Shares: 13.8M
Price Per Share: $16
IPO Announced Date: Jan 18, 2023
IPO Completion Date: Feb 09, 2023
Founded Year: 2019
Total Employees: ~10
Headquarters: Pennsylvania, United States
Stock Exchange: NASDAQ
A clinical-stage biopharma company, focused on diseases caused by abnormal spike in aldosterone
Its lead asset is lorundrostat, which is a highly selective aldosterone synthase inhibitor
The company bagged its $220.8M IPO in Feb 2023 offering shares at $16 share
7. Neumora Therapeutics
Funding Value: $250M
No. of Shares: 14.71M
Price Per Share: $17
IPO Announced Date: Aug 25, 2023
IPO Completion Date: Sep 14, 2023
Founded Year: 2019
Total Employees: ~120
Headquarters: Massachusetts, United States
Stock Exchange: NASDAQ
A clinical-stage biopharma company, Neumora Therapeutics was founded with a vision to improve the lives of patients with brain diseases
Currently, Neumora boasts eight programs, five in neuropsychiatric disorders and three in neurodegenerative diseases. Under the neuropsychiatric disorders the drugs are NMRA-140, NMRA-266, NMRA-511, and NMRA-NMDA and in neurodegenerative disorders portfolio include NMRA-CK1δ, NMRA-NLRP3, and NMRA-GCASE
In Sep 2023, the company managed to pull in $250M through its IPO offering shares at $17 per share
6. CARGO Therapeutics
Funding Value: $281.3M
No. of Shares: 18.75M
Price Per Share: $15
IPO Announced Date: Oct 20, 2023
IPO Completion Date: Nov 10, 2023
Founded Year: 2019
Total Employees: ~70
Headquarters: California, United States
Stock Exchange: NASDAQ
Cargo Therapeutics is a clinical-stage biotech company focused on development of next generation cell therapies for cancer patients. The lead assets in the company’s pipeline are CRG-022 and CRG-023
CRG-022, an autologous CAR T-cell therapy that targets CD22 in patients with diffuse large B-cell lymphoma and CRG-023 for B-cell malignancies
The company pulled in a total $281.3M through its IPO in Nov 2023 by offering shares at $15 per share
5. Apogee Therapeutics
Funding Value: $345M
No. of Shares: 20.29M
Price Per Share: $17
IPO Announced Date: Jun 22, 2023
IPO Completion Date: Jul 13, 2023
Founded Year: 2022
Total Employees: ~100
Headquarters: Massachusetts, United States
Stock Exchange: NASDAQ
A clinical-stage biotech company, Apogee Therapeutics aims to address the unmet healthcare needs in atopic dermatitis, COPD, inflammatory & immune diseases
Apogee’s lead asset is APG777 for the treatment of atopic dermatitis & asthma. Other drugs lined up in its pipeline namely APG808, APG990, and APG222
The company completed its IPO in Sep 2023 nabbing $345M at the end by offering shares at $17 per share
4. RayzeBio
Funding Value: $358M
No. of Shares: 19.87M
Price Per Share: $18
IPO Announced Date: Aug 24, 2023
IPO Completion Date: Sep 14, 2023
Founded Year: 2020
Total Employees: ~90
Headquarters: California, United States
Stock Exchange: NASDAQ
A clinical-stage radiopharmaceutical therapeutics (RPT), RayzeBio is now part of BMS. The company is focused on developing best-in-class potential drugs by utilizing its stronger foothold of actinium-based RPTs
The company’s lead candidate is RYZ101 currently being evaluated in P-III in patients with SSTR-positive GEP-NETs who previously have received treatment with lutetium-177-based somatostatin therapies
The company pulled in $358M through IPO in Sep 2023 offering shares at $18 per share
3. WuXi XDC Cayman
Funding Value: $520M
No. of Shares: 197.6M
Price Per Share: $2.63
IPO Announced Date: Jul 09, 2023
IPO Completion Date: Nov 17, 2023
Founded Year: 2013
Total Employees: ~1,100
Headquarters: Shanghai, China
Stock Exchange: HKSE
WuXi XDC Cayman is a holding company based in China. The company focuses on contract research, development, and manufacturing services (CRDMO) for antibody-drug conjugates (ADCs) and bioconjugate drugs
Wuxi XDC provides end-to-end services to other companies globally and helps them in the development of the drug
The company managed to pull in $520M through IPO in Nov 2023 by offering shares at $2.63 per share
2. ACELYRIN Inc
Funding Value: $621M
No. of Shares: 34.5M
Price Per Share: $18
IPO Announced Date: Apr 13, 2023
IPO Completion Date: May 04, 2023
Founded Year: 2020
Total Employees: ~120
Headquarters: California, United States
Stock Exchange: NASDAQ
Acelyrin is a late-stage clinical biopharma company that focuses on axial spondyloarthritis, hidradenitis suppurativa, psoriatic arthritis, and uveitis drug development.
The Company has various drugs in their pipeline named Izokibep (anti-IL-17A) 3, Lonigutamab (anti-IGF-1R) 5, and SLRN-517 and (anti-C-KIT) 6.
The company nabbed $621M through IPO on May 2023 offering shares at $18 per share
1. Kenvue
Funding Value: $4.37B
No. of Shares: 198.7M
Price Per Share: $22
IPO Announced Date: Jan 4, 2023
IPO Completion Date: Mar 3, 2023
Founded Year: 2022
Total Employees: ~22,000
Stock Exchange: NYSE
Kenvue is an American consumer health company that focuses on daily healthcare products and proprietor of well-known brands viz. Johnson’s, Listerine, etc.
Formerly, a consumer healthcare division of Johnson & Johnson, Kenvue became a fully independent company on Aug 23, 2023
The company pulled in $4.37B through IPO on Mar 2023 offering shares at $22 per share
Sources:
Annual reports
SEC filings
Press releases
Company websites
Note:
All revenues are reported in $M or $B (as mentioned)
The companies included have initiated and completed the IPOs in 2023 via NASDAQ, NYSE, and HKSE
The number of employees for Bellevue Life Sciences Acquisition Corp. and Golden Star Acquisition were undisclosed
Related Post: Top 20 IPOs in Healthcare by Total Fund Value
