Biopharma flotations tank in the first quarter

After a couple of years in which biotechs had seemingly unfettered access to the public markets it's official: the IPO window is closing. The latest analysis of Evaluate Pharma data shows a marked drop in public offerings in the first quarter, with the fewest flotations since early 2020, when the pandemic hit.

However, unlike in 2020, this does not look like a blip. Sentiment around biopharma is dismal, and there are broader fears about the impact of war and inflation. Things look set to get worse before they get better; the question now is how low IPOs can go.