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Here's what the top-performing IPOs of 2023 tell us about 2024

January 18, 2024

Get ready for a bevy of biotech IPOs.

The 30 IPOs that raised $100 million or more in 2023 currently average a strong 25% return from offer, thanks to solid first day gains (+14%) that have built in the aftermarket (+9%). Biotechs make up half of the top 10 best-performing sizable IPOs from last year.

While a few biotechs are also among 2023’s worst-performing large deals, the industry’s average return of 53% from IPO, combined with a wave of recent filings (KYTX, ANRO, INAI, MGX, AVBP, GUTS), indicate a fairly active year for the space. Last year’s top performers include radiopharma-focused RayzeBio (RYZB), set to be acquired by Bristol Myers Squibb for $4.1 billion, weight loss drug developer Structure Therapeutics (GPCR), inflammatory disease-focused Apogee Therapeutics (APGE), and gene therapy developer Lexeo Therapeutics (LXEO).

The top 10 best-performing IPOs of 2023 also include...

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