2019 Biotech IPOs – Biologic Drug R&D

Of the 2019 biotech IPOs on the major US exchanges, there were 24 companies focused on developing non-small molecule drugs, about the same number as those developing small molecule drugs. Here’s a list of the companies (by market cap at IPO) along with a short summary of the key concepts for each company’s main programs.

2019 Biotech IPOs
*International companies which previously IPO’d on foreign exchanges. Does not include Adaptive Biotechnologies, which I categorized under “diagnostics/research tools and services” along with 10x Genomics, Castle Biosciences, Centogene, Exagen, and Personalis.

The total market valuation of all of these companies at the times of their IPOs was about $28B – nearly three times the combined value of all of the small molecule-focused companies which IPO’d in 2019. This is partly due to a number of these IPO’s which were really global follow-on offerings (e.g. Genmab, which was worth more than the combined value of all 25 SM-focused IPOs), as these companies first raised public capital on non-US exchanges. Excluding these 3 companies, the 2019 biologic-focused startups were valued in total at about $12.5B, comparable to their small molecule discovery counterparts.

If you’re looking at the table and confused why a particular company/modality appears in this list of what I call biologic drug-focused companies, read here.

Otherwise, enjoy! Explore drughunter.com for more.




  • Johnson & Johnson
  • Roche
  • Pfizer
  • Novartis
  • Bayer
  • Merck
  • Sanofi
  • GlaxoSmithKline
  • AbbVie
  • Eli Lilly
  • Boehringer Ingelheim
  • Amgen
  • Bristol-Myers Squibb
  • Gilead
  • AstraZeneca
  • Teva
  • Novo Nordisk
  • Merck KGaA
  • Takeda
  • Celgene (BMS)
  • Biogen
  • Astellas
  • Daiichi Sankyo
  • Regeneron
  • UCB
  • Eisai
  • Servier
  • Kyowa Kirin
  • Shionogi
  • Vertex
  • Lundbeck
  • Taisho
  • Ono
  • Seagen
  • Incyte
  • LEO Pharma
  • Janssen
  • Galapagos
  • Idorsia
  • Astex
  • Arvinas
  • Kymera
  • Relay
  • Schrodinger
  • Mirati
  • Revolution
  • Nimbus
  • Plexxikon
  • Forma
  • Arcus
  • RA Capital
  • ARCH Venture Partners
  • MPM Capital
  • Orbimed
  • The Column Group
  • 5AM Ventures
  • Versant Ventures
  • Deerfield
  • Goldman Sachs
  • Citi
  • Piper Sandler
  • Softbank
  • …and hundreds of others