IPOs fail to bounce back in Q4

A torrid year for biopharma on the stock markets all but wiped out the prospect of going public. The IPO numbers for the full year show just how dire the situation is, with just three groups managing to get away in the fourth quarter – taking the 2022 total to 19.

This makes last year the worst for drug developer flotations since 2012, which saw 16 groups go public. And, in a further blow to the sector, one of the IPO success stories of last year, Third Harmonic, is already looking in danger of becoming a zombie after the December discontinuation of its lead candidate, THB001, on liver toxicity fears.