Kenvue’s IPO could boost a stagnant market for initial public offerings in the U.S. The slowdown has been particularly acute among drugmakers, who often account for a substantial share of new listings. Only five biotechs have priced IPOs so far this year, by far the slowest pace to begin any year since 2018, according to data from BioPharma Dive.
Kenvue, which sells brands like Tylenol, Listerine and Band-Aid, is a much larger and more profitable company than the typical company to seek an IPO, especially compared to the early-stage biotechs that typically seek to raise cash via an offering.
Net sales by the division totaled $15 billion in 2022, and just over $3.8 billion over the first three months of this year. Ten brands earned at least $400 million last year. Once a standalone company, Kenvue will employ roughly 22,000 staff across many of the world’s countries. READ MORE
by Ned Pagliarulo
Source: biopharmadive.com
Though Galapagos has undergone plenty of staff shake-ups and strategy revamps in recent years, the company is sticking strong to the CAR-T pivot first unveiled by CEO Paul Stoffels, M.D., following his arrival at the biotech from Johnson & Johnson in early 2022.
The new investment is expected to create more than 500 jobs and significantly strengthen France’s ability to control the production of essential medicines from start to finish, the company stated. According to Sanofi, this plan increases the amount Sanofi has committed to major projects in France since the Covid-19 pandemic to over €3.5 billion.
A tough biotech funding environment and a downturn in COVID-related contracts has weighed heavily on CDMOs of all stripes in recent years. Now, with a new CEO waiting in the wings, Swiss manufacturing juggernaut Lonza is attempting to reassure the market that an industry stabilization is on the horizon.
