Healthcare and Life Sciences Q1 2023 Review: IPOs and SPACs

by May 3, 2023Analysis, Funding

Biopharma IPOs as Investors Bet On Life-Saving Breakthroughs

Only $400 million in 3 newly filed IPOs were raised in Q1 2023 – 1 fewer IPO filing compared to Q4 2022 but with a slightly higher value vs. $300 million raised in Q4 2022.

Q2 of 2021 saw the most significant number of IPO filings, resulting in a total amount raised of $12.6 billion. However, certain companies had to withdraw their IPO filings due to extended timelines from the first filing and adverse market conditions.

SPAC – IPOs

SPAC IPO Activity - Global Healthcare and Life Sciences

In Q1 of 2023, there were merely 2 SPAC IPO filings, raising $100 million. However, the healthcare and life sciences sector experienced no notable growth since Q4 of 2021, which saw 26 SPAC IPOs raising $4.3 billion. The industry’s most significant fund generation was in Q1 of 2021, with 39 SPAC IPO filings and $11.8 billion raised.

 

IPO Filings – Q1 2023
  • CytoMed Therapeutics Limited, a preclinical biopharmaceutical company focused on developing novel cell-based immunotherapies for cancer treatment, priced its IPO of 2,412,369 ordinary shares at $4.00 per share for gross proceeds of $9,649,476. The company granted underwriters an option to purchase 361,855 ordinary shares to cover over-allotments. The shares are expected to trade on Nasdaq as “GDTC” The offering is set to close on April 18, 2023.
  • TransCode Therapeutics, Inc. has signed a deal with investor White Lion Capital, LLC, to sell up to $1.08 million of its common stock until May 31, 2023, for working capital and general corporate purposes. TransCode specializes in developing RNA therapeutics for cancer, focusing on glioblastoma and other difficult-to-treat cancers.

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21,598

Licensing Deals

22,217

Funding Rounds

4,216

M&A

35,278

Company Profiles

5,897

Other Deals

27,588

Drug Sales Figures

All of this by stage, disease indication, modality, target...

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Venture Activity In Global Healthcare & Life Sciences – 2023

Venture Activity In Global Healthcare & Life Sciences – 2023

An increase in down rounds in 2023 indicates a reassessment of valuations in VC. Challenges are expected to persist in the sector through the H1 of 2024, grappling with repercussions from previous excesses and a challenging fundraising environment. The initiation of a...