Financing

Private Company Edition: Earendil executed two deals with Sanofi in 2025 around its artificial intelligence-based biologics discovery and development platform. Also, former Acorda CEO Ron Cohen emerges at Oryon Cell Therapies, which has raised $42m to date.

Restructuring Edition: Gossamer Bio, Bicycle Therapeutics and Evotec described plans to sharpen their focus and shrink their workforces. Also, Inovio, Vistagen and Amgen’s Horizon revealed job cuts, while BiomX and CNS Pharmaceuticals disclosed strategic shifts.

The formation of the European Life Sciences Coalition by venture capital firms reflects investor strain rather than renewed confidence in European biotech. The outcome for syndicates of companies and investors has not always been good.

Kanaph Therapeutics and IMbiologics launched successful offerings in the IPO-scarce Korean market in the first quarter, as investors become more selective in their targets.

The proceeds will help advance development of R1's AP306 into a Phase IIb trial with topline results expected in 2027.

Public Company Edition: There have been no biopharma IPOs in the US since Generate Medicines at the end of February, but a new SPAC could provide a go-public option. In follow-on offerings, Xenon raised $747.5m and Dianthus brought in $719m based on recent milestones.

Novo Holdings’ annual report showed a -46.4% return on its Novo Nordisk shares in 2025 as the drugmaker struggled under the weight of competition. Its investment portfolio grew by 2.5%.

Private Company Edition: A Lilly Gateway Labs location for biotech start-ups is set to open on Samsung Biologics’ Bio Campus II in South Korea in 2027. Atavistik Bio and Vima Therapeutics each add $40m to their last financings, bringing the totals to $160m and $100m, respectively.

Public Company Edition: Biopharma stocks soared in recent months, but concerns about war in Iran and the latest US jobs numbers are hurting share prices across industries. Financial outcomes remain mixed for drug developers, with some financings and some restructurings.

At BIO’s Investor and Growth Summit, investors acknowledged the tough funding environment for early stage neuroscience, but said there are signs of increasing interest in the space.

Panelists at BIO’s Investor and Growth Summit described a tough funding environment for early-stage companies, but identified some emerging opportunities for start-ups.

Big pharma R&D and business development leaders at Biocom’s Global Partnering and Investor Conference commented on industry headwinds and tailwinds, how to pitch a platform deal and other dealmaking tips.

Private Company Edition: VC investors at Biocom’s annual conference said US start-ups should focus on cost efficiency and keep drug targets a secret for longer, like their peers in China. Also, Slate launched with $130m and Alveus grew its series A round to $197m.

The Flagship Pioneering company has completed the biggest initial public offering of 2026 so far, providing encouragement for more cash-hungry biotechs seeking a public listing.

Public Company Edition: As Goldman Sachs’ Sonia Gupta highlighted a Q1 dip in follow-on offerings at Biocom’s recent conference, Beam accessed up to $500m in new debt and J&J entered into a development funding agreement with Blackstone, among other alternative financings.

Sonia Gupta of Goldman Sachs offered an optimistic view of biopharma versus high-tech investments during a capital markets update at Biocom’s annual Global Partnering and Investor Conference.

Emerging from stealth mode, Slate has revealed an in licensed anti PACAP migraine program, entering a field that includes efforts from Lundbeck.

With Phase IIb initiation planned in the second quarter, Altesa is advancing an antiviral candidate in COPD that aims to address viral triggers rather than underlying inflammation alone.

The number of initial public offerings by biopharma companies in the US sank to 12 IPOs in 2025 from 25 in 2024. There have been five in 2026 and two are trading below their offering prices.

NextGate Partners’ managing partner shares his views on the biopharma investment and dealmaking environment in South Korea, along with the particular strengths of companies in the country and R&D areas of focus for this year.