Leveraging a computational platform designed to exploit the full potential of a widely studied pharma target has proved successful in attracting venture investors in the last few years to Structure Therapeutics Inc. The company now is giving the public markets a go, aiming to raise up to $100 million in what marks the first biopharma U.S. IPO filing for 2023.

The $60.8 billion collected by biopharma companies throughout 2022 is a sharp drop from each of the two prior years, down by 48.6% from 2021 and 54.8% from 2020. Each were standout years by any measure and a direct result of the investment fervor for the industry brought on by the COVID-19 pandemic. That exuberance diminished in the last year as investors tightened their grips due to economic uncertainties.

For European biotechnology, 2022 was a year of contraction. Disclosed equity investments in European firms engaged in the discovery and development of therapeutics totaled $6.782 billion, down 55% on the previous year’s record-breaking tally of $15.193 billion. Last year’s tally is the worst performance since 2017 and is well below the totals achieved during the two years immediately preceding the onset of the COVID-19 pandemic, which triggered a boom in biotech investing.

Boan Biotechnology Co. Ltd. raised HK$152.8 million (US$19.6 million) from a Hong Kong IPO, capital the company will use to speed up product development, expand marketing and ramp up manufacturing.

3D Medicines Inc. has raised HK$408 million (US$52.5 million) in a listing on the Hong Kong Stock Exchange. Its shares opened at HK$29 apiece, jumped by more than 20% by the middle of the day, and closed at HK$31.45 on the first trading day of Dec. 15.

Aim Vaccine Co. Ltd. priced an IPO on the Hong Kong Stock Exchange, raising HK$70.01 million (US$9 million) to fund work on its late-stage vaccine pipeline. Its shares increased only 3.09% on debut Oct. 6 but closed the week at HK$24.80, up 54% over its listing price of HK$16.16.

A strong third quarter has pushed biopharma financings ahead of several pre-pandemic years, as follow-on offerings and private placements picked up the pace. IPOs and venture capital rounds dipped below prior quarters, but the overall amount raised so far this year has placed 2022 as the fifth best financing year among the last 10, ahead of both 2019 and 2017.

Innocare Pharma Ltd. raised ¥2.92 billion (US$412 million) in a second listing on the Shanghai STAR Market. Its shares opened at ¥10.86 apiece, sliding 15.4% to close at ¥9.33 on the first trading day, Sept. 21. The company will use the proceeds to support cancer and autoimmune drug R&D, improve its drug development platform, build its sales network, and upgrade its information technology, said Chief Commercial Officer Jin Xiaodong.