Biotech financing woes continued in 1Q23, as our latest Data Page shows. With the NASDAQ Biotech Index falling behind other indices and the sector losing further value, the lack of public market interest in biotech is unsurprising
With the NASDAQ biotech stock index falling behind other indices and the sector losing further value, the lack of public market interest in biotech is unsurprising. In three of the last four quarters, no biotech initial public offerings floated on European exchanges and only a handful did in Asia and the United States. Just two companies — Mineralys Therapeutics and Structure Therapeutics — managed to raise over $100 million in IPOs.
Venture capital investment was similarly sluggish, reflecting not only the dour sentiment on public biotech markets but also a reticence among venture investors. In a timid venture capital market, big early investments went to companies promising improved gene-editing , tweaked CAR-T cells and drugs for orphan disorders . With money still tight, the pattern seen at the end of 2022 continued: a high volume of reported mergers, including Sanofi’s acquisition of diabetes play Provention Bio.
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