Troubled since a miss in hidradenitis suppurativa last fall, Acelyrin’s izokibep succeeded in a psoriatic arthritis trial, but will the drug compete well against other IL-17 inhibitors?

There were 21 biopharma initial public offerings in 2023, including J&J’s consumer health spin-out Kenvue, versus 22 in 2022. However, IPO proceeds are rising in 2024.

Despite its Phase III blow-up, Acelyrin is continuing to back izokibep in the skin disease. But other developers are trying immune agents old and new in what could turn into a billion-dollar market. 

The first $1bn quarter since 2021 suggests that biotech’s IPO window is opening once more. But times remain tough, and many recently listed groups have seen their valuations fall.