Two drug developers are pressing ahead with public listings in the coming months despite fears that Robert F Kennedy Jr’s nomination as the top US health official will suppress biotech valuations, in a test of the market’s willingness for risk.Kennedy’s nomination as secretary of the US Department of Health and Human Services by president-elect Donald Trump has roiled biotech stocks, with shares of big pharma groups and other healthcare companies gyrating in the weeks since.
Kennedy’s nomination added uncertainty to what was a brightening picture for the biotech industry, which was expecting to benefit from falling interest rates and a less aggressive antitrust enforcer atop the Federal Trade Commission. So far this year, there have been 26 listings for biotech companies, raising a combined $4.3bn, after two slow years of issuance for the sector. But still the number of biotech IPOs is far behind the pandemic years, which generated a surge of investor interest.
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