Top 20 IPOs in Healthcare by Total Fund Value 2023

Shots:

Clinical-stage biopharma companies are in constant need of funding and the best way to pull in money in such dire situations is by going public. 2023 had been a great year for Wall Streets across the globe with continuous announcements of IPOs
Kenvue by bagging $4.37B upon completion of its IPO ranked first in our list followed by ACELYRIN and WuXi XDC Cayman, nabbing $621M and $520M respectively
Using DealForma's invaluable insights, PharmaShots brings a concise on the Top 20 IPOs in Healthcare by Total Fund Value

20. Oak Woods Acquisition Corp. (SPAC)

Funding Value: $50M

No. of Shares: 5M

Price Per Share: $10

IPO Announced Date: Feb 17, 2023

IPO Completion Date: Mar 23, 2023

Founded Year: 2002

Total Employees: 2

Headquarters: Ontario, Canada

Stock Exchange: NASDAQ

A Cayman Island exempted blank check company, Oak Woods Acquisition Corp. (SPAC) is founded with the purpose of entering a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses
Its focus is on small-cap businesses that have their primary operations in the technology-enabled healthcare services industry located in the Asia-Pacific region
The company nabbed $50M with its IPO in Mar 2023 by offering shares at $10 per share

19. Adlai Nortye Biopharma

Funding Value: $57.5M

No. of Shares: 2.5M

Price Per Share: $23

IPO Announced Date: Jul 27, 2023

IPO Completion Date: Sep 29, 2023

Founded Year: 2004

Total Employees: ~130

Headquarters: Hangzhou, China

Stock Exchange: NASDAQ

Adlai Nortye Biopharma is a clinical-stage biotechnology company that develops new-age cancer therapies for several tumor types
AN2025 (buparlisib) is a company’s lead asset currently being evaluated in P-III for the treatment of recurrent or metastatic head and neck squamous cell carcinoma
The company bagged in a total of $57.5M with IPO in Sep 2023 by offering shares at $23 per share

18. Cutia Therapeutics

Funding Value: $59.4M

No. of Shares: 21.3M

Price Per Share: $2.787

IPO Announced Date: May 31, 2023

IPO Completion Date: Jun 09, 2023

Founded Year: 2019

Total Employees: 236

Headquarters: Shanghai, China

Stock Exchange: HKSE

A biopharmaceutical company, Cutia Therapeutics focuses primarily on dermatology platform to develop solutions for skin and scalp diseases
The company's core product is CU-20401, which is a recombinant mutant collagenase to treat patients with obesity, overweight, or other localized adipose accumulation-associated metabolic diseases
The company managed to generate $59.4M with IPO in Jun 2023 by offering shares at $2.787 per share

17. Bellevue Life Sciences Acquisition Corp. (SPAC)

Funding Value: $60M

No. of Shares: 6M

Price Per Share: $10

IPO Announced Date: Apr 29, 2022

IPO Completion Date: Feb 10, 2023

Founded Year: 2020

Total Employees: N/A

Headquarters: Washington, United States

Stock Exchange: NASDAQ

Bellevue Life Sciences Acquisition Corp. is a special purpose acquisition company that focuses on healthcare investing and has extensive experience in mergers and acquisitions, investment banking, and investment management
The company’s sponsor is Bellevue Life Sciences Investor, an affiliate of Bellevue Capital Management
The IPO ended up pulling in $60M in Feb 2023 by offering shares at $10 per share

16. Golden Star Acquisition

Funding Value: $69M

No. of Shares: 6.9M

Price Per Share: $10

IPO Announced Date: Dec 09, 2021

IPO Completion Date: May 01, 2023

Founded Year: 2021

Total Employees: N/A

Headquarters: California, United States

Stock Exchange: NASDAQ

A special purpose acquisition company, Golden Star Acquisition Corporation is founded for the purpose of entering a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses
The company has still not announced a particular business combination nor has generated any revenue
The company managed to pull in a $69M with IPO in May 2023 by offering shares at $10 per share

15. Aimei Health Technology

Funding Value: $69M

No. of Shares: 6.9M

Price Per Share: $10

IPO Announced Date: May 26, 2023

IPO Completion Date: Dec 01, 2023

Founded Year: 2023

Total Employees: ~2

Headquarters: California, United States

Stock Exchange: NASDAQ

A recently founded blank check company, Aimei Health Technology is incorporated to enter a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or similar business combination with one or more businesses or entities.
The company targets small-cap companies that focus on healthcare innovation in the EU, Asia, etc to develop drug and device technology as well as diagnostic and other services.
Aimei Health & Technology ended up generating a $69M with IPO in Dec 2023 by offering shares at $10 per share

14. Turnstone Biologics

Funding Value: $87.8M

No. of Shares: 7.3M

Price Per Share: $12

IPO Announced Date: Jun 12, 2023

IPO Completion Date: Jul 20, 2023

Founded Year: 2014

Total Employees: ~100

Headquarters: California, United States

Stock Exchange: NASDAQ

With a noble vision to developing next-generation tumor-infiltrating lymphocytes (TIL) therapies, Turnstone Biologics focuses on the treatment of patients with solid tumors
TIDAL-01 is the company’s first drug candidate currently in P-I Trial for cancer indications including Breast Cancer, Colorectal cancer, and Uveal Melanoma & Cutaneous and non-cutaneous melanomas
The company pulled in $87.8M through IPO in Jul 2023 by offering shares at $12 per share

13. Sagimet Biosciences

Funding Value: $96.4M

No. of Shares: 6M

Price Per Share: $16

IPO Announced Date: Jun 23, 2023

IPO Completion Date: Jul 13, 2023

Founded Year: 2006

Total Employees: ~10

Headquarters: California, United States

Stock Exchange: NASDAQii

A clinical-stage biopharma company, Sagimet Biosciences focuses on developing new-age therapies called fatty acid synthase (FASN) inhibitors for the treatment of conditions including non-alcoholic steatohepatitis, acne, and several cancers
The inhibitors target dysfunctional metabolic pathways in diseases that result from the overproduction of fatty acid & palmitate. Formerly known as TVB-2640 and currently in P-IIb, Denifanstatis is the company’s lead being studied for the treatment of moderate to advanced NASH
The company drew in $96.4M through IPO in Jul 2023 & offered shares at $16 per share

12. Lexeo Therapeutics

Funding Value: $100M

No. of Shares: 9.1M

Price Per Share: $11

IPO Announced Date: Sep 29, 2023

IPO Completion Date: Nov 02, 2023

Founded Year: 2017

Total Employees: ~60

Headquarters: New York, United States

Stock Exchange: NASDAQ

With a noble vision to transforming healthcare by leveraging innovations, Lexeo is a clinical-stage genetic medicines company dedicated to transforming healthcare industry.
The company has developed an LX2020 gene therapy candidate to deliver a fully functional PKP2 gene to cardiac muscle to treat PKP2-ACM.
By offering shares at $11 per share, Lexeo nabbed in $100M in Nov 2023

11. Laekna Therapeutics

Funding Value: $101M

No. of Shares: 63.7M

Price Per Share: $1.586

IPO Announced Date: Jun 29, 2023

IPO Completion Date: Jun 29, 2023

Founded Year: 2016

Total Employees: ~100

Headquarters: Shanghai, China

Stock Exchange: HKSE

Laekna is a clinical-stage biotechnology company that focuses on novel therapies in cancer, liver fibrosis, and metabolic diseases
Afuresertib is the company’s lead asset with six ongoing clinical trials to address unmet medical needs in cancers, such as ovarian cancer, breast cancer, and prostate cancer
Laekna bagged its $101M through IPO in Jun 2023 offering shares at $1.58 per share

10. Keen Vision Acquisition Corp. (SPAC)

Funding Value: $149.5M

No. of Shares: 14.95M

Price Per Share: $10

IPO Announced Date: Feb 09, 2023

IPO Completion Date: Jul 24, 2023

Founded Year: 2021

Total Employees: ~2

Headquarters: New Jersey, United States

Stock Exchange: NASDAQ

KVAC is a blank check company based in the US. The sole purpose of the company is effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or similar business combination with one or more businesses.
The company focuses on biotechnology, consumer goods, and agriculture
In Jul 2023, KVAC managed to pull in $149.5M through by offering shares at $10 per share

9. Structure Therapeutics

Funding Value: $185.3M

No. of Shares: 12.35M

Price Per Share: $15

IPO Announced Date: Jan 12, 2023

IPO Completion Date: Feb 03, 2023

Founded Year: 2016

Total Employees: ~100

Headquarters: California, United States

Stock Exchange: NASDAQ

Structure Therapeutics is a clinical-stage biopharmaceutical company focused on chronic metabolic and cardiopulmonary conditions. The company develops oral medications for chronic metabolic and cardiopulmonary conditions.
The company has three drug candidates in its pipeline named GSBR-1290, ANPA-0073, and LTSE-2578.
In Feb 2023, Structure Therapeutics nabbed $185.3M through IPO by offering shares at $15 per share

8. Mineralys Therapeutics

Funding Value: $220.8M

No. of Shares: 13.8M

Price Per Share: $16

IPO Announced Date: Jan 18, 2023

IPO Completion Date: Feb 09, 2023

Founded Year: 2019

Total Employees: ~10

Headquarters: Pennsylvania, United States

Stock Exchange: NASDAQ

A clinical-stage biopharma company, focused on diseases caused by abnormal spike in aldosterone
Its lead asset is lorundrostat, which is a highly selective aldosterone synthase inhibitor
The company bagged its $220.8M IPO in Feb 2023 offering shares at $16 share

7. Neumora Therapeutics

Funding Value: $250M

No. of Shares: 14.71M

Price Per Share: $17

IPO Announced Date: Aug 25, 2023

IPO Completion Date: Sep 14, 2023

Founded Year: 2019

Total Employees: ~120

Headquarters: Massachusetts, United States

Stock Exchange: NASDAQ

A clinical-stage biopharma company, Neumora Therapeutics was founded with a vision to improve the lives of patients with brain diseases
Currently, Neumora boasts eight programs, five in neuropsychiatric disorders and three in neurodegenerative diseases. Under the neuropsychiatric disorders the drugs are NMRA-140, NMRA-266, NMRA-511, and NMRA-NMDA and in neurodegenerative disorders portfolio include NMRA-CK1δ, NMRA-NLRP3, and NMRA-GCASE
In Sep 2023, the company managed to pull in $250M through its IPO offering shares at $17 per share

6. CARGO Therapeutics

Funding Value: $281.3M

No. of Shares: 18.75M

Price Per Share: $15

IPO Announced Date: Oct 20, 2023

IPO Completion Date: Nov 10, 2023

Founded Year: 2019

Total Employees: ~70

Headquarters: California, United States

Stock Exchange: NASDAQ

Cargo Therapeutics is a clinical-stage biotech company focused on development of next generation cell therapies for cancer patients. The lead assets in the company’s pipeline are CRG-022 and CRG-023
CRG-022, an autologous CAR T-cell therapy that targets CD22 in patients with diffuse large B-cell lymphoma and CRG-023 for B-cell malignancies
The company pulled in a total $281.3M through its IPO in Nov 2023 by offering shares at $15 per share

5. Apogee Therapeutics

Funding Value: $345M

No. of Shares: 20.29M

Price Per Share: $17

IPO Announced Date: Jun 22, 2023

IPO Completion Date: Jul 13, 2023

Founded Year: 2022

Total Employees: ~100

Headquarters: Massachusetts, United States

Stock Exchange: NASDAQ

A clinical-stage biotech company, Apogee Therapeutics aims to address the unmet healthcare needs in atopic dermatitis, COPD, inflammatory & immune diseases
Apogee’s lead asset is APG777 for the treatment of atopic dermatitis & asthma. Other drugs lined up in its pipeline namely APG808, APG990, and APG222
The company completed its IPO in Sep 2023 nabbing $345M at the end by offering shares at $17 per share

4. RayzeBio

Funding Value: $358M

No. of Shares: 19.87M

Price Per Share: $18

IPO Announced Date: Aug 24, 2023

IPO Completion Date: Sep 14, 2023

Founded Year: 2020

Total Employees: ~90

Headquarters: California, United States

Stock Exchange: NASDAQ

A clinical-stage radiopharmaceutical therapeutics (RPT), RayzeBio is now part of BMS. The company is focused on developing best-in-class potential drugs by utilizing its stronger foothold of actinium-based RPTs
The company’s lead candidate is RYZ101 currently being evaluated in P-III in patients with SSTR-positive GEP-NETs who previously have received treatment with lutetium-177-based somatostatin therapies
The company pulled in $358M through IPO in Sep 2023 offering shares at $18 per share

3. WuXi XDC Cayman

Funding Value: $520M

No. of Shares: 197.6M

Price Per Share: $2.63

IPO Announced Date: Jul 09, 2023

IPO Completion Date: Nov 17, 2023

Founded Year: 2013

Total Employees: ~1,100

Headquarters: Shanghai, China

Stock Exchange: HKSE

WuXi XDC Cayman is a holding company based in China. The company focuses on contract research, development, and manufacturing services (CRDMO) for antibody-drug conjugates (ADCs) and bioconjugate drugs
Wuxi XDC provides end-to-end services to other companies globally and helps them in the development of the drug
The company managed to pull in $520M through IPO in Nov 2023 by offering shares at $2.63 per share

2. ACELYRIN Inc

Funding Value: $621M

No. of Shares: 34.5M

Price Per Share: $18

IPO Announced Date: Apr 13, 2023

IPO Completion Date: May 04, 2023

Founded Year: 2020

Total Employees: ~120

Headquarters: California, United States

Stock Exchange: NASDAQ

Acelyrin is a late-stage clinical biopharma company that focuses on axial spondyloarthritis, hidradenitis suppurativa, psoriatic arthritis, and uveitis drug development.
The Company has various drugs in their pipeline named Izokibep (anti-IL-17A) 3, Lonigutamab (anti-IGF-1R) 5, and SLRN-517 and (anti-C-KIT) 6.
The company nabbed $621M through IPO on May 2023 offering shares at $18 per share

1. Kenvue

Funding Value: $4.37B

No. of Shares: 198.7M

Price Per Share: $22

IPO Announced Date: Jan 4, 2023

IPO Completion Date: Mar 3, 2023

Founded Year: 2022

Total Employees: ~22,000

Stock Exchange: NYSE

Kenvue is an American consumer health company that focuses on daily healthcare products and proprietor of well-known brands viz. Johnson's, Listerine, etc.
Formerly, a consumer healthcare division of Johnson & Johnson, Kenvue became a fully independent company on Aug 23, 2023
The company pulled in $4.37B through IPO on Mar 2023 offering shares at $22 per share

Sources:

Annual reports
SEC filings
Press releases
Company websites

Note:

All revenues are reported in $M or $B (as mentioned)
The companies included have initiated and completed the IPOs in 2023 via NASDAQ, NYSE, and HKSE
The number of employees for Bellevue Life Sciences Acquisition Corp. and Golden Star Acquisition were undisclosed