Agios Pharmaceuticals Inc.’s fourth-quarter and full-year 2023 financial report in mid-February highlighted further prospects with Pyrukynd (mitapivat), the pyruvate kinase activator for hemolytic anemia in adults with pyruvate kinase deficiency (PKD).

In March, the U.S. FDA approved 30 new drugs, marking the highest monthly count in BioWorld’s records. The previous highest month of June 2020, with 29 FDA approvals, is followed by November 2017’s 27 approvals. In 2023, the FDA greenlit an average of about 16 drugs per month, 12.5 in 2022, and 17 in both 2021 and 2020. The surge in March marks a 173% increase from the 11 drugs approved in February.

Biopharma firms amassed a total of $47.07 billion in the first quarter of 2024, the second-highest quarter recorded by BioWorld since 2011, trailing only behind $48.18 billion raised in 2Q20. This robust fundraising was driven by exceptional performances in IPOs, follow-ons and public/other financings, as well as sustained trends in venture capital raises. The amount marks a 118% increase from $21.62 billion raised in the fourth quarter of 2023 and a 257% rise from 1Q23’s $13.19 billion.

The $27.9 billion raised through biopharma follow-on offerings in the early months of 2024 has hit industry records never seen before. So far in three-and-a-half months in 2024, the industry has raised more than was raised during 21 of the past 24 full years.

In March, med-tech deal value plummeted to $27 million, a decline of 89% from February’s $255.61 million and a 75% decline from January's $107.75 million, and also falling short of the 2023 monthly average of $886.13 million.