Nasdaq Biotech IPO Signs Of Rebound

Nasdaq Biotech IPO Signs Of Rebound

- In the first quarter of this year alone, the amount raised by the eight Nasdaq-listed biotech companies was about $1.3 billion, more than three times the size of the biotech IPO in the first quarter of 2023.

** Major Biotech Listed On Nasdaq In Q1 Of Last Year
▲ Mineralys Therapeutics = $192 million in public offering (hypertension treatment)
▲ Infrastructure Therapeutics= $161 million (GLP-1 obesity treatment)
▲Genelux = $15 million (treat for ovarian cancer)
▲Cardinal Therapeutics = $7 million (rare diseases such as anticoagulants)

- Of course, it is still a wide gap compared to the IPO size of $4.6 billion in the first quarter of 2021, when the pandemic was at its peak, but the point to watch is that it has emerged from the downward trend over the past three years. In detail, new drug developers such as CG Oncology and Kyverna Therapeutics have raised more than 300 million dollars. In terms of modality, there are various types such as CAR-T, Small Molecule, Geneediting, and EGFR inhibitor.

- This shows a sharp difference from the current status of the domestic KOSDAQ IPO, which has not been listed as a new drug developer since the Padu incident. Osang Healthcare, a diagnostic kit company, is the only KOSDAQ bio/healthcare listing in the first quarter due to the postponement of public offerings by Pinot Bio and D&D Pharmatech.

- Of course, since the listing of these Nasdaq IPO biotechs, many of the stock prices have fallen below the offer price. In addition, the possibility of the Fed's rate cut has decreased, and the 'event risk' of Iran's attack on Israel has overlapped, lowering the bio-investigation. As of early April, about 25 biotech companies submitted IPO applications to Nasdaq. Unless the ransom is lowered, it seems unclear whether they will complete the IPO within this year.

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