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The global biopharmaceutical sector witnessed a sharp rebound in 2024, with initial public offerings (IPOs) rising by 68.4 per cent to reach $8.52 billion, according to a new report by GlobalData.
A total of 50 IPOs were completed during the year, compared to $5.06 billion raised in 2023. This marks the highest IPO value recorded since 2021, driven in part by interest rate cuts by the US Federal Reserve.
The report noted a growing appetite among investors, particularly for companies with strong clinical data—signaling a renewed confidence in public markets and a shift toward more advanced-stage biopharmaceutical firms.
IPOs that raised more than $100 million nearly doubled, from $4.39 billion across 15 deals in 2023 to $7.88 billion across 24 deals in 2024.
“The increase in high-value IPOs in 2024 indicates that while investors remain selective, improved capital availability due to interest rate cuts has supported investments in biopharma companies with a strong value proposition,” said Alison Labya, business fundamentals analyst at GlobalData.
The largest IPO of the year came from Switzerland-based dermatology firm Galderma, which raised $2.48 billion. Galderma had previously planned an IPO in February 2022 that was cancelled, and another attempt was postponed in March 2023 due to market volatility.
Despite the overall uptick, early-stage companies—particularly those in the discovery and preclinical phases—saw a significant decline in IPO activity. The total raised by these firms dropped nearly fourfold, from $490.6 million in 2023 to just $112.5 million in 2024. This underscores the shift in investor focus toward companies further along in development.
