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A Capital Markets Outlook for 2025
2024, A Year in Review
A DNB//Back Bay Healthcare Capital Markets Episode
Guests:
Vasilios Kofitsas, Partner and Managing Director, Back Bay Life Science Advisors
Jim Cirenza, Managing Director, DNB Markets Inc., New York
Kristoffer Braaten, Director, Head of ECM US, DNB Markets Inc., New York
Length: 16 minutes
Airdate: January 29, 2025
“Listen, 2022 was miserable. 2023 wasn't much better. In 2024, congratulations, you jumped over a couple of miserable years. But the trend is better. I mean the trend for everything is better.” —Jim Cirenza, Managing Director, DNB Markets Inc., New York
In terms of market performance, 2024 was a mixed year. Though healthcare underperformed, the Nasdaq was up north of 30% and the S&P up nearly 25%. A sea change in the second half of 2024 brought positive signals allowing cautious optimism for 2025 as it applies to broader deal activity and increased IPOs, specifically within the healthcare sector.
Topics in this episode include:
Market performance in 2024 as well as a capital markets outlook for 2025
How the election and election results impacted markets, specifically healthcare
The sizable raises and mixed performance perspective of overall IPOs in 2024 compared to previous years (150 IPOs in 2024 compared to 108 in 2023 with deal values at $29.6B in 2024 versus $19.4B in 2023)
The challenging performance of healthcare IPOs in 2024
Key considerations for healthcare companies looking to list in the US
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