Biotech IPOs Jump More Than 20% as Momentum Builds for Listings

Drug developers are capitalizing on the industry’s momentum by tapping public investors for the first time, as corporate takeovers and a welcoming market lift optimism about biotechnology.

When Kyverna Therapeutics Inc. and Metagenomi Inc. sell shares in the coming days, they’ll mark the fourth and fifth biotech initial public offerings on US exchanges in 2024. The first three raised $786 million collectively, in the strongest start for the sector since 2021, data compiled by Bloomberg show.

Each of the three companies that debuted this year boosted the size of their offerings before they began trading and share gains piled ...