BioPharma Dive January 14, 2025
Competition from China and a barely open “IPO window” are among the challenges facing young drugmakers this year.
As 2025 begins, emerging biotechnology firms can be sorted into two groups: haves and have-nots.
Venture funding rose last year, but a good portion of that money was concentrated into nine-figure “megarounds” that became more common. Initial public offerings were primarily open only to companies that fit a certain profile. And among already public U.S. biotechs, many saw their stock prices slide as pharmaceutical companies looked elsewhere for deals.
The result has been what Piper Sandler analysts described in a report earlier this month as a “stock-pickers’ market,” with the few outperformers outnumbered by many more that are struggling. That description could...
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