Biopharma IPOs have faced tough conditions in recent years, but 2024 is showing signs of improvement in terms of value, while stumbling on overall performance. IPO values remain significantly lower than the peak years of 2020-2021 and are still below collective values seen in 2014-2019, however, this year's value marks a recovery compared to the challenging environment of 2023.

TYK Medicines Inc. made a strong debut on the main board of the Hong Kong Stock Exchange (HKSE), raising HK$579 million (US$74.32 million) to commercialize its lead compound, EGFR inhibitor TY-9591, now in pivotal trials in patients with EGFR mutation-positive lung cancer.

TYK Medicines Inc. made a strong debut on the main board of the Hong Kong Stock Exchange (HKSE), raising HK$579 million (US$74.32 million) to commercialize its lead compound, EGFR inhibitor TY-9591, now in pivotal trials in patients with EGFR mutation-positive lung cancer.

The year 2024 squeaked through another IPO this week, that of Actuate Therapeutics Inc., which raised $22.4 million becoming the 15th biopharma company to debut on U.S. exchanges this year. Out of 17 companies total, including one listing on the Hong Kong Stock Exchange and another on the SIX Swiss Exchange, the industry has raised a total of $4.8 billion through IPOs.

European biopharmas saw a huge surge in new funding in the second quarter of 2024, raising a collective $4.1 billion, compared to $1.9 billion in the same period of 2023. With the IPO market in Europe still virtually non-existent, $1.45 billion of this was venture capital, while $2.64 billion was raised in follow-on funding. The majority of VC funding was raised by companies in five countries, with $799.6 million raised in the U.K., $272.5 million in Switzerland, $201.8 million raised in Germany, $59 million in France and $25.7 million in Sweden.

The med-tech industry has seen a significant boost in fundraising, amassing $16.13 billion in the first seven months of this year, a nearly 38% increase from the $11.73 billion raised during the same period last year.

Biopharma financings soared to $73.76 billion in the first seven months of 2024, marking a substantial 102% jump compared to the $36.47 billion accumulated in the same period in 2023. This amount places 2024 just behind the record-setting years of 2020 ($80.42 billion) and 2021 ($80.74 billion) in terms of funds raised through July. The $2.04 billion secured in July also is an increase from the $1.87 billion raised in June.