Financing
A new report from a domestic institute on South Korea’s biopharma M&A trends shows a pickup in activity, but that this remains relatively weak and small-scale. It calls for broader domestic government support to build expertise, drive innovation and globalization.
Public Company Edition: Cargo suspended development and cut 90% of its workforce to focus on strategic alternatives, while Pyxis and Kiromic laid off or furloughed employees. Also, Pfizer sold its remaining Haleon shares for $3.3bn, Galderma sold $1bn in bonds and other financings.
Private Company Edition: There have been five $100m-plus VC rounds so far this month, up from three in all of February. Flagship unveiled Lila Sciences with $200m, while Curevo and Insilico raised $110m in series B and E rounds, respectively. Also, Arbor Biotech garnered $73.9m.
The Biovelocita II fund is supported by the likes of Amgen, Bristol Myers Squibb and Pfizer
Vertex has the first-in-class NaV1.8 inhibitor for acute pain, Journavx, but Latigo plans to bring forward multiple best-in-class options for acute and chronic pain against NaV1.8 and other targets.
A joint venture with AI specialist Hologen will bring in much-needed cash for the ambitious gene therapy firm.
Restructuring Edition: Biopharma companies used fourth-quarter updates to reveal job and program cuts to conserve cash, including Sutro, Agenus, Coherus, Inozyme and Atea. Also, Vincerx’s reverse merger was terminated and Vaccinex, Oncternal, Syros plan to voluntarily delist.
With two major deals since just the beginning of the year in Japan, private equity groups appear to be ramping up their presence in the country's biopharma sector, amid ongoing activity across the wider APAC region.
The Singapore and Seattle-based biotech is joining the race to bring a ‘double whammy’ antibody-drug conjugate to patients.
Biomedtracker’s fourth quarter data show a surge in public and private financings in 2024, but the two biggest categories – VC funding and follow-on offerings – have slowed in 2025. Also, Garuda raised a $50m series A-1 round, while Nuvation accessed $250m in royalty and debt financing.
Alzheimer’s Drug Discovery Foundation CFO Karen Harris talked to Scrip about the non-profit group’s investment strategy and biopharma interest in Alzheimer’s disease.
The landscape for overall private biotech financing in 2024 featured investors who were interested in funding new developments – if Big Pharma was willing to pay up eventually in partnerships and M&A – but also reluctance as the industry faced macroeconomic and regulatory uncertainties.
Although it was no walk in the park, Europe’s leading life sciences VC firm has amassed a huge pot of cash for biotechs and will use its AI capabilities to find up to 60 start-ups to support.
Private Company Edition: $100m-plus venture capital mega-rounds drove biopharma company fundraising closer to record-breaking levels in 2024, but the pace of big VC deals has slowed aside from Callio’s $187m series A, Eikon’s $350.7m series D and Enveda’s series C extension to $150m.
Policy advances, measures to back local production and crowdfunding action for gene therapies like Zolgensma bring hope for rare disease patients in India. Gaps in financing, high prices and an ongoing court case, however, stunt efforts to ensure timely access.
Public Company Edition: BridgeBio Oncology Therapeutics will merger with a SPAC and raise $450m. Also, BridgeBio Pharma priced $500m in notes and Solid grossed $200m in a follow-on offering, while Idorsia restructured debt and a deal after a planned transaction fizzled out.
The company is moving its toll-like receptor 7/8 agonist into late-stage development for melanoma as it closes a $350.7m series D venture funding round.
Most biopharma firms that went public in the US in 2024 had a strong start, but by year-end many were trading in negative territory and in 2025 most are below their IPO values, raising questions about IPO prospects in 2025.
Public Company Edition: Aardvark Therapeutics’ US IPO – the fifth of 2025 – will fund a Phase III trial in Prader-Willi syndrome and other studies. Also, Sarepta closed on a $600m revolving credit facility and Biogen entered into a funding agreement with Royalty Pharma for up to $250m.
The Swedish company is celebrating approval for the first treatment for rare congenital disorder MCT8 deficiency and plans a launch in the near future.