Biotech IPOs Get Bigger, But Not Necessarily Better
The first $1bn quarter since 2021 suggests that biotech’s IPO window is opening once more. But times remain tough, and many recently listed groups have seen their valuations fall.
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Using a 'de-risked business model' of targeting established drug categories with next-generation antibodies, Apogee is looking to take on Lilly’s lebrikizumab and Sanofi’s Dupixent.
The French group has just listed on the NASDAQ and while its stock has already taken a couple of hits, CEO Marc de Garidel has faith that the firm’s IBD drug obefazimod will be a major player in the space.
Private Company Edition: Quarter-over-quarter increases in venture capital have been bolstered by fewer but larger rounds, like the recent $245m series A for Aiolos. Also, OrbiMed raised $4.3bn across three new VC funds, Rampart completed an $85m series A and Atom Bioscience raised an $83m series D.