#JPM23: When will the IPO win­dow open? What terms are star­tups get­ting? Here's what to ex­pect from cap­i­tal mar­kets this year

Ex­ec­u­tive Ed­i­tor Drew Arm­strong sat down with Bay­er’s busi­ness de­vel­op­ment leader Mar­i­anne De Backer, PwC’s phar­ma deals chief Roel Van den Akker, and Sofinno­va In­vest­ments Gen­er­al Part­ner Ma­ha Katabi to talk about the IPO en­vi­ron­ment, trends in pub­lic and pri­vate fundrais­ing, how ne­go­ti­a­tions be­tween com­pa­nies have changed and where cap­i­tal mar­kets are head­ed in 2023. This tran­script has been edit­ed for brevi­ty and clar­i­ty.

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