While there are significantly fewer initial public offerings in 2022 than in 2021 and 2020, the caution expressed by biopharma companies and investors seems to be paying off, with this year showing the best average performance of the three years.

Through the second week of August, BioWorld has tracked 439 bio/nonprofit deals worth $6.6 billion, with the bulk of that total coming within the last six weeks through the U.S. government purchasing more vaccines and therapies to fight COVID-19.

BioWorld’s Biopharmaceutical Index is at its highest point this year, up 7.85%, showing one of its sharpest rises within the last week. Out of 22 component stocks, 13 are trading above where they were at the end of 2021, as of Aug. 8. This is an improvement from June, when only nine were in such a position.