Finance Watch: Structure Launches Third And Largest US Biopharma IPO Of 2023

First Two, Genelux And Cadrenal, Grossed Just $22m Combined

 
• By Mandy Jackson
  
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Public Company Edition: Structure Therapeutics’ upsized initial public offering raises $161.1m, surpassing proposed terms for up to $134.3m. Also, Pliant capitalizes on good data with a $287.5m follow-on offering, while Magenta seeks strategic alternatives and Instil reveals more job cuts.  

Finance Watch Public Company
• Source: Alamy

The market for initial public offerings by biopharmaceutical companies declined to just 22 IPOs in the US in 2022 and it has gotten off to a slow start in 2023 with just three small offerings to date, but the third may signal that investors are warming up to bigger opportunities. Structure Therapeutics, Inc., which initially proposed an IPO raising up to $134.3m, went public with the sale of 10.74 million American depository shares (ADSs) at $15 per ADS on 2 February to gross $161.1m.

Structure previously said in a 30 January filing with the US Securities and Exchange Commission (SEC) that it may sell...

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