Biopharma healthcare and life sciences IPO activity remained a key driver of the sector’s gaining momentum in 2024, with companies leveraging public markets to fund drug development, immunotherapy advancements, and specialized healthcare services. Galderma Group AG led the sector, which completed the largest healthcare IPO of Q1, raising $2.5 billion (March, SIX Swiss Exchange) to expand its dermatology portfolio. Meanwhile, CG Oncology ($437 million, January, Nasdaq: CGON) secured funding to advance its late-stage bladder cancer immunotherapy, reflecting strong investor interest in oncology innovation.
BrightSpring Health Services ($693 million, January, Nasdaq: BTSG) and Concentra Group Holdings ($546 million, June, NYSE: CON) also entered public markets, focusing on specialty care and occupational health services. These IPOs highlight confidence in late-stage biopharmaceutical assets, particularly in oncology, dermatology, and specialized care, with advancements in precision medicine, immunotherapy, and patient-centric healthcare.
In 2024, the global healthcare and life sciences sector saw 36 IPOs, raising $9.6 billion from 2023’s 19 IPOs and $7.8 billion. That brings the two-year tally to 55 IPOs, with $17.4 billion raised, reflecting growth in deal volume and capital.
Global Healthcare and Life Sciences – IPOs, Follow-on, PIPE Issuances
In 2024, the Global Healthcare and Life Sciences sector completed 363 financings, including 36 IPOs, 153 follow-ons, and 174 PIPEs, raising $63.8 billion, of which $9.6 billion came from IPOs.
By comparison, 2023 saw 301 financings (19 IPOs, 170 follow-ons, 112 PIPEs) for a total of $40.6 billion, of which $7.8 billion was from IPOs. In both years, the industry executed 664 deals amounting to $104.5 billion.
Global Healthcare and Life Sciences IPOs by Subsector
During 2024, the biopharma therapeutics and platform sector led IPO activity, generating $6.8 billion of the total $9.6 billion. The remaining $2.8 billion came from medical devices, diagnostics, manufacturing, and other healthcare segments. This marks a significant shift from 2023, when biopharma therapeutics and platforms contributed $2.9 billion out of a $7.8 billion total, with $4.4 billion raised by other healthcare sectors. Over 2 years, IPOs in this space raised $17.4 billion.
Top IPOs in 2024
Galderma – $2.5B – March 2024
Switzerland-based Galderma Group AG, a leader in dermatology, completed the largest IPO of Q1, raising CHF 2.3 billion ($2.5 billion). Underwriters later exercised their option to purchase an additional 5.63 million shares at CHF 53 per share, adding CHF 298 million to the offering. The stabilization period ended on March 26, 2024.
BrightSpring – $693M – January 2024
BrightSpring Health Services, backed by KKR, raised $693 million through its IPO, pricing shares at $13 each. The company also issued 8 million tangible equity units at $50 per unit. BrightSpring operates a nationwide home healthcare platform, serving 400,000+ patients daily. The IPO proceeds are primarily for debt repayment, and shares began trading on January 26, 2024.
Concentra – $546.3M – June 2024
Concentra Group Holdings, a Select Medical Holdings (NYSE: SEM) subsidiary, raised $546 million by offering 22.5 million shares at $23.50 per share. A 30-day over-allotment option allows underwriters to purchase 3.375 million additional shares. Trading will begin on July 25, 2024, and the offering will close on July 26, 2024.
PACS Group – $517.5M – March 2024
PACS Group Inc. raised $450 million through its IPO, offering 21.4 million shares at $21 per share. Underwriters later exercised their 30-day option, purchasing 3.2 million shares from selling stockholders, bringing total proceeds to $518 million. The company’s stock is listed on the NYSE under “PACS.”
CG Oncology – $437M – January 2024
CG Oncology Inc., a late-stage biopharma firm developing immunotherapy for bladder cancer, raised $437 million in its upsized IPO. The company sold 23 million shares at $19 per share, including an additional 3 million shares exercised by underwriters. Shares are listed on the Nasdaq Global Select Market under “CGON.”
Also check out IPO Activity In Global Healthcare & Life Sciences 2023
