Biotechnology companies in need of cash have struggled to find financing in recent years—pushing many toward PIPE (Private Investment in Public Equity) deals and follow-on offerings. Yet only one of these options may be viable in the long-term.
When the market for special purpose acquisition company IPOs crashed in late 2021 after leading IPO market volume to unprecedented heights, biotech IPOs fell hard, too. Annual deal count plummeted nearly 89% from 2021 to 2023.
The biotech IPO market has improved modestly since but remains well below other recent market busy periods. The slump has been deeper than other slow periods, ...
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