Biotech IPOs jump as momentum builds

Big boys: Novartis AG’s headquarters in Basel, Switzerland. The company and its competitors are on the lookout for acquisition targets as smaller companies go public. —Bloomberg

NEW YORK: Drug developers are capitalising on the industry’s momentum by tapping public investors for the first time, as corporate takeovers and a welcoming market lift optimism about biotechnology.

When Kyverna Therapeutics Inc and Metagenomi Inc sell shares in the coming days, they’ll mark the fourth and fifth biotech initial public offerings (IPOs) on US exchanges in 2024.