Financing Available For Some, But Not All Biopharma Companies In 2023
Firms With No Near-Term Milestones Could Shutter
Investors, advisors and CEOs at the J.P. Morgan Healthcare Conference and Biotech Showcase were somewhat optimistic about fundraising this year, but noted certain companies may have to call it quits.
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A pair of new PwC reports project a more robust M&A environment in 2023, but questions about the impact of the Inflation Reduction Act are already affecting biopharma business development strategies.
Public Company Edition: Also, Johnson & Johnson’s consumer health spin-out Kenvue filed paperwork to get the ball rolling on an initial public offering. In addition, Geron raised $198m and Madrigal accessed more than $300m after positive trial readouts, but layoffs were revealed by Editas, Elevation, Nabriva and others.
Private Company Edition: While Coya Therapeutics raised $15.25m in the final initial public offering in the US last year, Apnimed stayed private raising $80m in a series C extension and Metagenomi extended its series B by $100m to total $275m.