The biopharma industry has raised nearly $62 billion in the first six months of the year, bringing it very close to the $68 billion full-year record of 2015. Well over half of that money has been raised in just the last two months, with May collecting $23.4 billion and June pulling in $16.28 billion.
A total of 15 companies went public in June with all but one debuting on U.S. markets. The IPOs raised nearly $5 billion for the industry. Included in that total is Royalty Pharma Inc.’s $2.175 billion IPO. Without it, IPOs still raised $2.8 billion, which is a 21-year record for a single month. In terms of volume, the 15 IPOs tie with June of 2018 and July of 2000. The highest number of IPOs for any one month was 17 completed in August of 2000. The largest IPO for the month, aside from Royalty Pharma, was Legend Biotech Corp.’s $423.8 million raise.
A total of 42 follow-on offerings in June, another record for a single month, brought $4.5 billion into biopharma companies; and 71 private placements and other private financings of public companies (public/other) raised $3.3 billion. For the first six months of 2020, there have been 321 public/other financings, which is nearing the 2019 full-year record of 373. The largest follow-on offering in June was one completed by Allogene Therapeutics Inc. for $550 million. The largest public/other financing for the month was a convertible senior notes offering raising $850 million for Jazz Pharmaceuticals plc.
Another $3.55 billion was collected through 49 private venture capital financings. So far a total of $11.6 billion has been raised through 245 VC rounds. Sana Biotechnology Inc. set a new record with its $700 million VC round in June.
Once again, several companies raising money are working on COVID-19 therapeutics and vaccines. Translate Bio Inc., which is working on an mRNA vaccine, recently signed a $2.3 billion deal with Sanofi SA, and it raised $125 million through a follow-on offering in June. Nantkwest Inc., which is working on an adenovirus vaccine, raised $45.7 million during the month. Biontech SE, developer of BNT-162, raised $250 million through a private placement and convertible notes offering. Novavax Inc., which is developing NVX-CoV2373, brought in $200 million through a private placement. Aicuris Anti-infective Cures GmbH, which is working to identify an active agent against COVID-19, raised $220 million by allowing Royalty Pharma to acquire a partial interest in Prevymis (lermovir).
For a complete listing of financings this year, see the following within BioWorld Snapshots:
Biopharma financings and stocks data for 2020 through July 2 can be found here: