Follow-ons end year on high note

Biopharma follow-ons closed out 2022 with 17 companies raising $2 billion, bringing the total for the year to nearly $18 billion, about 60% of 2021’s $30.5 billion raised in follow-ons.

December’s figure gives the month the fourth-biggest haul of 2022, behind October, August and September, which had $2.9 billion, $2.5 billion and $2.2 billion, respectively. Shares of companies raising follow-ons in December generally performed well after their offerings, gaining a median of 16% from their postmoney valuations...