New York (Patrika English News): U.S.-based biotech firm LB Pharmaceuticals has ended the biotech IPO dry spell in 2025 with a strong debut, raising $285 million through its listing on the Nasdaq Global Market.
The company, focused on developing treatments for schizophrenia, offered 19 million shares at $15 each, higher than its earlier plan of 16.7 million shares. The proceeds could climb by another $42.7 million if underwriters exercise their option to buy 2.85 million additional shares.
LB began trading under the ticker LBRX on 11 September, with the offering expected to close on 12 September.
Funds to Support Schizophrenia and Bipolar Programs
IPO proceeds will primarily support LB-102, the company’s lead oral therapy for schizophrenia. LB-102 is a derivative of amisulpride, an established antipsychotic marketed globally by Sanofi as Solian.
LB Pharmaceuticals said about $133 million will go toward a phase III trial of LB-102 in schizophrenia, while $25 million will support a phase II trial in bipolar disorder. In January 2025, LB reported positive phase II results showing statistically significant improvements on the Positive and Negative Syndrome Scale (PANSS) after four weeks of treatment.
Biotech IPO Market Sees Revival
LB’s $285 million raise marks the largest biotech IPO of 2025, surpassing February’s $94 million debut by Aardvark Therapeutics. Earlier in the year, obesity drug developer Metsera ($275 million) and Maze Therapeutics ($140 million) also secured sizeable listings.
However, the broader biotech IPO market has remained uncertain, with companies like Odyssey Therapeutics shelving IPO plans amid volatile U.S. policy and economic conditions.
