Biopharma companies secured $102.15 billion in funding in 2024, a 44% increase from $70.97 billion in the full-year 2023 and significantly higher than the $60.81 billion raised in 2022. December financings reached $4.69 billion, marking an increase from $3.6 billion in November.

Onconic Therapeutics Inc., a subsidiary of Jeil Pharmaceutical Co. Ltd., saw its shares (KOSDAQ:476060) ascend for two consecutive days after debuting with a ₩20.15 billion (US$13.89 million) IPO on the Korea Exchange Dec. 19. Seoul, South Korea-based Onconic’s Kosdaq IPO offered about 1.55 million shares at ₩13,000 each, which was lowered from its original price band of ₩16,000 to ₩18,000 per share after demand forecasting.

AI-powered drug R&D platform firm Oncocross Co. Ltd. is leading the procession of year-end Korea biotech IPOs this week, pricing an offering of about 11.85 million shares on the Korea Exchange at ₩7,300 each for gross proceeds of ₩85.56 billion (US$59.5 million).

Biopharma companies have raised $97.42 billion through November 2024, up 46% from $66.79 billion during the same period in 2023 and also more than $56.56 billion in 2022. However, this year’s total still trails the record highs of 2020-2021. November financings totaled $3.6 billion, a significant decline from $7.13 billion in October and $9.11 billion in September.

Hangzhou Jiuyuan Gene Engineering Co. Ltd. raised HKD$485.4 million (US$62.38 million) in a November 28 IPO on the main board of the Hong Kong Stock Exchange (HKEX:2566).

Radiopharmaceutical biotech and contract development and organization firm Duchembio Co. Ltd. filed a securities report to South Korea’s Financial Services Commission Nov. 11, kickstarting the IPO process to list on the Korea Exchange.

Biopharma financing continued to excel through the first 10 months of 2024, reaching $93.64 billion, a 53% increase from $61.04 billion during the same period in 2023.

The approval of Ascendis Pharma A/S’ hormone replacement therapy Yorvipath (palopegteriparatide) hypoparathyroidism – the first and only treatment for adults with the rare endocrine disease – did little to sate the market’s appetite for new drugs in the indication, where a number of players are busy in various stages of development.

Cellbion Co. Ltd. debuted on the tech-heavy Kosdaq board of the Korea Exchange Oct. 16, with share prices closing upward at ₩20,650 (US$14.94) – outdoing its initial price of ₩15,000 per share for 1.9 million shares.

Biopharma companies secured $16.31 billion in financing during the third quarter (Q3) of 2024, marking a 29% decrease from the $23.07 billion raised in Q2 and a 65% drop from Q1’s $47.25 billion. Despite the quarterly decline, year-to-date financings through September reached $86.63 billion, surpassing the total annual figures of both 2023 ($70.97 billion) and 2022 ($60.81 billion). Only the record-setting years of 2020 and 2021 saw higher amounts raised.