Our quarterly biopharma therapeutics and platforms review highlights significant advancements in IPOs across various disease areas. BioAge Labs raised $228 million, focusing on metabolic diseases like obesity with their lead candidate, azelaprag, targeting aging biology. MBX Biosciences secured $188 million to advance precision peptide therapies for endocrine and metabolic disorders using their PEPâ„¢ platform.
Bicara Therapeutics garnered $362 million for developing bifunctional therapies targeting solid tumors, particularly with their asset ficerafusp alfa, addressing EGFR and TGF-β pathways. Zenas BioPharma raised $259 million, emphasizing immunology-based therapies for autoimmune diseases, highlighted by their candidate obexelimab. Lastly, TYK Medicines completed a $74 million IPO in Hong Kong to further develop its small-molecule cancer treatments, led by TY-9591 for EGFR-mutated non-small cell lung cancer.
Biopharma Therapeutics and Platforms IPOs, Follow-on, and PIPE Issuances
In Q3 2024, IPO activity for biopharma therapeutics and platforms surged, with 8 companies going public and collectively raising $1.5 billion.
Biopharma Therapeutics and Platforms IPO Activity
Our data signifies a rise from Q2, which saw only 3 IPOs totaling $500 million.
Biopharma Therapeutics and Platforms Follow-on Issuances
During 2024, biopharma therapeutics and platforms financing activity fluctuated quarterly; in Q3 alone, 44 financings, comprising 19 follow-ons and 17 PIPEs, collectively raising $6.8 billion.
Biopharma Therapeutics and Platforms PIPE Issuances
Conversely, Q2 had a higher financing volume with 71 deals, 28 follow-ons, and 40 PIPEs, raising $10.6 billion. Despite fewer deals, Q3 raised a comparable amount, indicating a shift towards larger financing rounds. Combined, Q2 and Q3 saw 115 financings and 11 IPOs raising $19.4 billion, including $2.0 billion from IPOs.
Biopharma Tx vs. Other Life Sciences IPO Activity
During 2024, IPO activity in biopharma therapeutics and platforms outpaced other life sciences sectors. In Q3, 10 IPOs were completed, with 8 in biopharma raising $1.8 billion, while manufacturing and services brought in $300 million. In Q2, there were 6 IPOs, including 3 in biopharma, raising $1.5 billion, supplemented by additional funds in manufacturing and other life sciences. Over the past two quarters, IPOs totaled 16, with biopharma alone contributing $2.0 billion of the $3.3 billion raised across life sciences.
Top Biopharma Therapeutics and Platforms IPOs – Q3 2024
BioAge – IPO – $227.7M – September 2024
BioAge Labs (Nasdaq: BIOA) Raised $228 million through an upsized IPO, selling 12,650,000 shares at $18.00/share, including a concurrent private placement. BioAge focuses on metabolic diseases, particularly obesity, by targeting aging biology to develop therapies that improve metabolic function and reduce muscle atrophy. Lead candidate azelaprag showed positive Phase 1 results and is in Phase 2 trials with tirzepatide for treating obesity in older adults.
MBX Biosciences – IPO – $187.7M – August 2024
MBX Biosciences (Nasdaq: MBX) Closed an IPO raising $188 million with 11,730,000 shares sold at $16.00/share. The company specializes in precision peptide therapies targeting endocrine and metabolic disorders, such as growth hormone deficiencies and other hormone-related conditions. MBX’s proprietary PEP™ platform enhances peptide drug design to improve patient outcomes and address the limitations of traditional peptide treatments.
Bicara Therapeutics – IPO – $362M – August 2024
Bicara Therapeutics (Nasdaq: BCAX), Completed an IPO raising $362 million from 20,125,000 shares at $18.00/share. Bicara’s work centers on bifunctional therapies for solid tumors, utilizing innovative antibody designs to target two pathways simultaneously for better efficacy. Its lead asset, ficerafusp alfa, targets EGFR and TGF-β, two pathways linked to cancer growth and immune suppression, aiming to improve outcomes in tumor treatment.
Zenas – IPO – $258.7M – August 2024
Zenas BioPharma (Nasdaq: ZBIO) Raised $259 million in an upsized IPO, issuing 15,220,588 shares at $17.00/share. Zenas is focused on immunology-based therapies for treating various autoimmune diseases. Its lead candidate, obexelimab, is a bifunctional monoclonal antibody designed to modulate B cell activity by binding CD19 and FcγRIIb. It provides treatment without depleting cells, an advantage for patients needing long-term therapy.
TYK Medicines – IPO – $74.3M – August 2024
TYK Medicines Launched a Hong Kong IPO, securing $74 million to further its pipeline of small-molecule drugs for cancer treatment. TYK’s portfolio includes 11 candidates, with TY-9591 leading as a therapy for EGFR-mutated non-small cell lung cancer with brain metastases. This therapy is designed to improve upon existing treatments like AstraZeneca’s Tagrisso (osimertinib). TYK also has 6 clinical-stage products targeting various cancer types.
Also check out Biopharma Therapeutics and Platforms Venture & IPOs – Q2 2024
