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Biotech IPOs struggle to tread water amid challenging market conditions

HLVX

Despite weak trading in the biotech sector, another drug developer is preparing to take on a challenging IPO market. Norovirus vaccine developer HilleVax (HLVX) plans to raise $175 million this week in the first major biotech IPO of the 2Q. Seven biotechs have gone public so far in 2022. While the group performed relatively well in the first quarter, returns...read more

Renaissance Capital's February IPO Market Update

ACLX

In February, eight IPOs raised $271 million, a 76% y/y decline in IPO count and a 97% drop in proceeds. February IPOs raised fewer proceeds than any month since November 2018. The month’s issuers were primarily micro-caps, as the average deal size shrank to a mere $34 million; just one deal raised more than $100 million. Issuance was slow as companies finished preparing 4Q21...read more

All the small things: Small issuers keep the IPO market active as large deals wait

MHUA

While market conditions have forced most IPO candidates to the sidelines, small issuers continue to list, dominating the IPO calendar in recent weeks. As we noted, many have added warrants. Nine of the year’s 15 IPOs have raised $50...read more

US IPO Weekly Recap: The February IPO market kicks off with 2 biotechs

ACLX

The February IPO market kicked off with two cancer-focused biotechs, joined by four SPACs. New filers trickled into the pipeline with one IPO and four SPACs submitting initial filings. CAR-T biotech Arcellx (ACLX) priced at the low end to raise $124 million at a $583 million market cap. The company’s sole clinical-stage candidate, CART-ddBCMA, reported...read more