Sep 11, 2025 - Business

Biopharma breaks its lengthy IPO drought

Dan Primack

Illustration of the score line on a pill in the shape of an upward arrow instead of straight across. — Illustration: Gabriella Turrisi/Axios

LB Pharmaceuticals, a developer of drugs for neuropsychiatric diseases like acute schizophrenia, raised $285 million in its IPO.

Why it's the BFD: This is the first major biopharma IPO since February, the longest such drought in 15 years.

By the numbers: New York-based LB sold 19 million shares at $15 each, versus plans to offer 16.7 million shares at $14 to $16 per share.

It had raised over $135 million in VC funding, but had just $14 million in cash left at the end of June.
Backers include Deep Track Capital, Vida Ventures, Pontifax, and TCG, but had just $14 million of cash left at the end of June.

The bottom line: LB's lead oral drug candidate is a derivative of amisulpride, a decades-old dopamine inhibitor that's approved in 50 countries outside the U.S. The company expects to begin Phase 3 trials early next year.

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Biopharma breaks its lengthy IPO drought

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