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Public equity report: Galderma rises after $2B IPO; Contineum, Boundless prep U.S. listings

ARTICLE | Finance

Plus Madrigal’s follow-on is among the year’s largest, and PureTech returns cash to shareholders following Karuna takeout

By Paul Bonanos, Director of Biopharma Intelligence

March 22, 2024 7:42 PM UTC

Galderma enjoyed a strong aftermarket performance following its IPO pricing in Switzerland, while Contineum will be among the next biotechs to test the market’s appetite for a new listing. Meanwihle, Madrigal led a sextet of biotechs that collectively raised $1.2 billion in PIPEs or public offerings, and PureTech proposed to return cash to shareholders after cashing out of a foundational investment.

Shares of decades-old Galderma Group AG (SIX:GALD) got a lift Friday after the company raised nearly CHF2 billion ($2.2 billion) through the sale of 37.5 million shares at CHF53 in its IPO. The dermatology company ended Friday at CHF64, up 21% from its offering price…