Shots:

• Clinical-stage biopharma companies are in constant need of funding and the best way to pull in money in such dire situations is by going public. 2023 had been a great year for Wall Streets across the globe with continuous announcements of IPOs
• Kenvue by bagging $4.37B upon completion of its IPO ranked first in our list followed by ACELYRIN and WuXi XDC Cayman, nabbing $621M and $520M respectively
• Using DealForma's invaluable insights, PharmaShots brings a concise on the Top 20 IPOs in Healthcare by Total Fund Value

 

20. Oak Woods Acquisition Corp. (SPAC)

       Funding Value: $50M

       No. of Shares: 5M

       Price Per Share: $10

       IPO Announced Date: Feb 17, 2023

       IPO Completion Date: Mar 23, 2023

       Founded Year: 2002

       Total Employees: 2

       Headquarters: Ontario, Canada

       Stock Exchange: NASDAQ

• A Cayman Island exempted blank check company, Oak Woods Acquisition Corp. (SPAC) is founded with the purpose of entering a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses
• Its focus is on small-cap businesses that have their primary operations in the technology-enabled healthcare services industry located in the Asia-Pacific region
• The company nabbed $50M with its IPO in Mar 2023 by offering shares at $10 per share

 

19. Adlai Nortye Biopharma

      Funding Value: $57.5M

      No. of Shares: 2.5M

      Price Per Share: $23

      IPO Announced Date: Jul 27, 2023

      IPO Completion Date: Sep 29, 2023

      Founded Year: 2004

      Total Employees: ~130

      Headquarters: Hangzhou, China

      Stock Exchange: NASDAQ

• Adlai Nortye Biopharma is a clinical-stage biotechnology company that develops new-age cancer therapies for several tumor types
• AN2025 (buparlisib) is a company’s lead asset currently being evaluated in P-III for the treatment of recurrent or metastatic head and neck squamous cell carcinoma
• The company bagged in a total of $57.5M with IPO in Sep 2023 by offering shares at $23 per share

 

 18. Cutia Therapeutics

       Funding Value: $59.4M

       No. of Shares: 21.3M

       Price Per Share: $2.787

       IPO Announced Date: May 31, 2023

       IPO Completion Date: Jun 09, 2023

       Founded Year: 2019

       Total Employees: 236

       Headquarters: Shanghai, China

       Stock Exchange: HKSE

• A biopharmaceutical company, Cutia Therapeutics focuses primarily on dermatology platform to develop solutions for skin and scalp diseases
• The company's core product is CU-20401, which is a recombinant mutant collagenase to treat patients with obesity, overweight, or other localized adipose accumulation-associated metabolic diseases
• The company managed to generate $59.4M with IPO in Jun 2023 by offering shares at $2.787 per share

 

17. Bellevue Life Sciences Acquisition Corp. (SPAC)

       Funding Value: $60M

       No. of Shares: 6M

       Price Per Share: $10

       IPO Announced Date: Apr 29, 2022

       IPO Completion Date: Feb 10, 2023

       Founded Year: 2020

       Total Employees: N/A

       Headquarters: Washington, United States

       Stock Exchange: NASDAQ

• Bellevue Life Sciences Acquisition Corp. is a special purpose acquisition company that focuses on healthcare investing and has extensive experience in mergers and acquisitions, investment banking, and investment management
• The company’s sponsor is Bellevue Life Sciences Investor, an affiliate of Bellevue Capital Management
• The IPO ended up pulling in $60M in Feb 2023 by offering shares at $10 per share

 

16. Golden Star Acquisition

       Funding Value: $69M

       No. of Shares: 6.9M

       Price Per Share: $10

       IPO Announced Date: Dec 09, 2021

       IPO Completion Date: May 01, 2023

       Founded Year: 2021

       Total Employees: N/A

       Headquarters: California, United States

       Stock Exchange: NASDAQ

• A special purpose acquisition company, Golden Star Acquisition Corporation is founded for the purpose of entering a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses
• The company has still not announced a particular business combination nor has generated any revenue
• The company managed to pull in a $69M with IPO in May 2023 by offering shares at $10 per share

 

15. Aimei Health Technology

       Funding Value: $69M

       No. of Shares: 6.9M

       Price Per Share: $10

       IPO Announced Date: May 26, 2023

       IPO Completion Date: Dec 01, 2023

       Founded Year: 2023

       Total Employees: ~2

       Headquarters: California, United States

       Stock Exchange: NASDAQ

• A recently founded blank check company, Aimei Health Technology is incorporated to enter a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or similar business combination with one or more businesses or entities. 
• The company targets small-cap companies that focus on healthcare innovation in the EU, Asia, etc to develop drug and device technology as well as diagnostic and other services.  
• Aimei Health & Technology ended up generating a $69M with IPO in Dec 2023 by offering shares at $10 per share

 

  14. Turnstone Biologics

       Funding Value: $87.8M

       No. of Shares: 7.3M

       Price Per Share: $12

       IPO Announced Date: Jun 12, 2023

       IPO Completion Date: Jul 20, 2023

       Founded Year: 2014

       Total Employees: ~100

       Headquarters: California, United States

       Stock Exchange: NASDAQ

• With a noble vision to developing next-generation tumor-infiltrating lymphocytes (TIL) therapies, Turnstone Biologics focuses on the treatment of patients with solid tumors
• TIDAL-01 is the company’s first drug candidate currently in P-I Trial for cancer indications including Breast Cancer, Colorectal cancer, and Uveal Melanoma & Cutaneous and non-cutaneous melanomas
• The company pulled in $87.8M through IPO in Jul 2023 by offering shares at $12 per share

 

13. Sagimet Biosciences

       Funding Value: $96.4M

       No. of Shares: 6M

       Price Per Share: $16

       IPO Announced Date: Jun 23, 2023

       IPO Completion Date: Jul 13, 2023

       Founded Year: 2006

       Total Employees: ~10

       Headquarters: California, United States

       Stock Exchange: NASDAQii

• A clinical-stage biopharma company, Sagimet Biosciences focuses on developing new-age therapies called fatty acid synthase (FASN) inhibitors for the treatment of conditions including non-alcoholic steatohepatitis, acne, and several cancers
• The inhibitors target dysfunctional metabolic pathways in diseases that result from the overproduction of fatty acid & palmitate. Formerly known as TVB-2640 and currently in P-IIb, Denifanstatis is the company’s lead being studied for the treatment of moderate to advanced NASH
• The company drew in $96.4M through IPO in Jul 2023 & offered shares at $16 per share

 

12. Lexeo Therapeutics

       Funding Value: $100M

       No. of Shares: 9.1M

       Price Per Share: $11

       IPO Announced Date: Sep 29, 2023

       IPO Completion Date: Nov 02, 2023

       Founded Year: 2017

       Total Employees: ~60

       Headquarters: New York, United States

       Stock Exchange: NASDAQ

• With a noble vision to transforming healthcare by leveraging innovations, Lexeo is a clinical-stage genetic medicines company dedicated to transforming healthcare industry.
• The company has developed an LX2020 gene therapy candidate to deliver a fully functional PKP2 gene to cardiac muscle to treat PKP2-ACM.  
• By offering shares at $11 per share, Lexeo nabbed in $100M in Nov 2023

 

11. Laekna Therapeutics

       Funding Value: $101M

       No. of Shares: 63.7M

       Price Per Share: $1.586

       IPO Announced Date: Jun 29, 2023

       IPO Completion Date: Jun 29, 2023

       Founded Year: 2016

       Total Employees: ~100

       Headquarters: Shanghai, China

       Stock Exchange: HKSE

• Laekna is a clinical-stage biotechnology company that focuses on novel therapies in cancer, liver fibrosis, and metabolic diseases
• Afuresertib is the company’s lead asset with six ongoing clinical trials to address unmet medical needs in cancers, such as ovarian cancer, breast cancer, and prostate cancer
• Laekna bagged its $101M through IPO in Jun 2023 offering shares at $1.58 per share

 

10. Keen Vision Acquisition Corp. (SPAC)

       Funding Value: $149.5M

       No. of Shares: 14.95M

       Price Per Share: $10

       IPO Announced Date: Feb 09, 2023

       IPO Completion Date: Jul 24, 2023

       Founded Year: 2021

       Total Employees: ~2

       Headquarters: New Jersey, United States

       Stock Exchange: NASDAQ

• KVAC is a blank check company based in the US. The sole purpose of the company is effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or similar business combination with one or more businesses.
• The company focuses on biotechnology, consumer goods, and agriculture 
• In Jul 2023, KVAC managed to pull in $149.5M through by offering shares at $10 per share

 

9. Structure Therapeutics

       Funding Value: $185.3M

       No. of Shares: 12.35M

       Price Per Share: $15

       IPO Announced Date: Jan 12, 2023

       IPO Completion Date: Feb 03, 2023

       Founded Year: 2016

       Total Employees: ~100

       Headquarters: California, United States

       Stock Exchange: NASDAQ

• Structure Therapeutics is a clinical-stage biopharmaceutical company focused on chronic metabolic and cardiopulmonary conditions. The company develops oral medications for chronic metabolic and cardiopulmonary conditions.
• The company has three drug candidates in its pipeline named GSBR-1290, ANPA-0073, and LTSE-2578.  
• In Feb 2023, Structure Therapeutics nabbed $185.3M through IPO by offering shares at $15 per share

 

8. Mineralys Therapeutics

       Funding Value: $220.8M

       No. of Shares: 13.8M

       Price Per Share: $16

       IPO Announced Date: Jan 18, 2023

       IPO Completion Date: Feb 09, 2023

       Founded Year: 2019

       Total Employees: ~10

       Headquarters: Pennsylvania, United States

       Stock Exchange: NASDAQ

• A clinical-stage biopharma company, focused on diseases caused by abnormal spike in aldosterone
• Its lead asset is lorundrostat, which is a highly selective aldosterone synthase inhibitor
• The company bagged its $220.8M IPO in Feb 2023 offering shares at $16 share

 

7.  Neumora Therapeutics

       Funding Value: $250M

       No. of Shares: 14.71M

       Price Per Share: $17

       IPO Announced Date: Aug 25, 2023

       IPO Completion Date: Sep 14, 2023

       Founded Year: 2019

       Total Employees: ~120

       Headquarters: Massachusetts, United States

       Stock Exchange: NASDAQ

• A clinical-stage biopharma company, Neumora Therapeutics was founded with a vision to improve the lives of patients with brain diseases
• Currently, Neumora boasts eight programs, five in neuropsychiatric disorders and three in neurodegenerative diseases. Under the neuropsychiatric disorders the drugs are NMRA-140, NMRA-266, NMRA-511, and NMRA-NMDA and in neurodegenerative disorders portfolio include NMRA-CK1δ, NMRA-NLRP3, and NMRA-GCASE 
• In Sep 2023, the company managed to pull in $250M through its IPO offering shares at $17 per share

 

6.  CARGO Therapeutics

       Funding Value: $281.3M

       No. of Shares: 18.75M

       Price Per Share: $15

       IPO Announced Date: Oct 20, 2023

       IPO Completion Date: Nov 10, 2023

       Founded Year: 2019

       Total Employees: ~70

       Headquarters: California, United States

       Stock Exchange: NASDAQ

• Cargo Therapeutics is a clinical-stage biotech company focused on development of next generation cell therapies for cancer patients. The lead assets in the company’s pipeline are CRG-022 and CRG-023
• CRG-022, an autologous CAR T-cell therapy that targets CD22 in patients with diffuse large B-cell lymphoma and CRG-023 for B-cell malignancies
• The company pulled in a total $281.3M through its IPO in Nov 2023 by offering shares at $15 per share

 

5. Apogee Therapeutics

       Funding Value: $345M

       No. of Shares: 20.29M

       Price Per Share: $17

       IPO Announced Date: Jun 22, 2023

       IPO Completion Date: Jul 13, 2023

       Founded Year: 2022

       Total Employees: ~100

       Headquarters: Massachusetts, United States

       Stock Exchange: NASDAQ

• A clinical-stage biotech company, Apogee Therapeutics aims to address the unmet healthcare needs in atopic dermatitis, COPD, inflammatory & immune diseases
• Apogee’s lead asset is APG777 for the treatment of atopic dermatitis & asthma. Other drugs lined up in its pipeline namely APG808, APG990, and APG222 
• The company completed its IPO in Sep 2023 nabbing $345M at the end by offering shares at $17 per share

 

4. RayzeBio      

       Funding Value: $358M

       No. of Shares: 19.87M

       Price Per Share: $18

       IPO Announced Date: Aug 24, 2023

       IPO Completion Date: Sep 14, 2023

       Founded Year: 2020

       Total Employees: ~90

       Headquarters: California, United States

       Stock Exchange: NASDAQ

• A clinical-stage radiopharmaceutical therapeutics (RPT), RayzeBio is now part of BMS. The company is focused on developing best-in-class potential drugs by utilizing its stronger foothold of actinium-based RPTs
• The company’s lead candidate is RYZ101 currently being evaluated in P-III in patients with SSTR-positive GEP-NETs who previously have received treatment with lutetium-177-based somatostatin therapies
• The company pulled in $358M through IPO in Sep 2023 offering shares at $18 per share

 

3. WuXi XDC Cayman

       Funding Value: $520M

       No. of Shares: 197.6M

       Price Per Share: $2.63

       IPO Announced Date: Jul 09, 2023

       IPO Completion Date: Nov 17, 2023

       Founded Year: 2013

       Total Employees: ~1,100

       Headquarters: Shanghai, China

       Stock Exchange: HKSE

• WuXi XDC Cayman is a holding company based in China. The company focuses on contract research, development, and manufacturing services (CRDMO) for antibody-drug conjugates (ADCs) and bioconjugate drugs
• Wuxi XDC provides end-to-end services to other companies globally and helps them in the development of the drug
• The company managed to pull in $520M through IPO in Nov 2023 by offering shares at $2.63 per share

 

2.  ACELYRIN Inc

       Funding Value: $621M

       No. of Shares: 34.5M

       Price Per Share: $18

       IPO Announced Date: Apr 13, 2023

       IPO Completion Date: May 04, 2023

       Founded Year: 2020

       Total Employees: ~120

       Headquarters: California, United States

       Stock Exchange: NASDAQ

• Acelyrin is a late-stage clinical biopharma company that focuses on axial spondyloarthritis, hidradenitis suppurativa, psoriatic arthritis, and uveitis drug development.
• The Company has various drugs in their pipeline named Izokibep (anti-IL-17A) 3, Lonigutamab (anti-IGF-1R) 5, and SLRN-517 and (anti-C-KIT) 6. 
• The company nabbed $621M through IPO on May 2023 offering shares at $18 per share

 

1. Kenvue

       Funding Value: $4.37B

       No. of Shares: 198.7M

       Price Per Share: $22

       IPO Announced Date: Jan 4, 2023

       IPO Completion Date: Mar 3, 2023

       Founded Year: 2022

       Total Employees: ~22,000

       Stock Exchange: NYSE

• Kenvue is an American consumer health company that focuses on daily healthcare products and proprietor of well-known brands viz. Johnson's, Listerine, etc.
• Formerly, a consumer healthcare division of Johnson & Johnson, Kenvue became a fully independent company on Aug 23, 2023
• The company pulled in $4.37B through IPO on Mar 2023 offering shares at $22 per share

Sources:

• Annual reports
• SEC filings
• Press releases
• Company websites

Note:

• All revenues are reported in $M or $B (as mentioned)
• The companies included have initiated and completed the IPOs in 2023 via NASDAQ, NYSE, and HKSE
• The number of employees for Bellevue Life Sciences Acquisition Corp. and Golden Star Acquisition were undisclosed

Related Post: Top 20 IPOs in Healthcare by Total Fund Value