Despite weak trading in the biotech sector, another drug developer is preparing to take on a challenging IPO market. Norovirus vaccine developer HilleVax (HLVX) plans to raise $175 million this week in the first major biotech IPO of the 2Q.
Seven biotechs have gone public so far in 2022. While the group performed relatively well in the first quarter, returns have dropped over the last month, as news of multiple interest rate hikes spurred a flight to safety. The year’s biotech IPOs now average a -7% return from offer, and of the five that raised $50 million or more, just two currently trade above issue (CINC and ANTX). 
Biotech IPOs reached new highs in the prior two years. As the global pandemic fueled interest in biomedical research, biotech issuance soared in 2020 and 2021, leading to...
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