Financing
Public Company Edition: Cormorant’s special purpose acquisition corporation, Helix Acquisition III, went public to pursue health care and related opportunities, but at least four biopharma firms are seeking $150m-plus IPOs and the follow-on market is booming.
CEO Thomas Schinecker is signalling that historic investment in Switzerland cannot be sustained unless the country makes its investment and pricing environment more pharma-friendly.
Tenpoint expects to launch its Yuvezzi eye drops in early Q2, where it will compete with other rivals such as LENZ’s Vizz, as well as more traditional options such as glasses and lenses.
Multiple Chinese biotechs are seeking to raise new funds through IPOs on the Hong Kong and Beijing stock exchanges to support international clinical trials for their first-in-class molecules.
Fund IV exclusively targets company creation and early-stage investing across the UK and the US.
Companies requiring follow-on financing were particularly hit in 2025, but the first signs of ‘pension power’ has given the UK sector hope of more investment.
Private Company Edition: Twenty eight biopharma firms announced $2.11bn in new VC funding between Jan. 8 and 22 on top of $1.36bn in pre-J.P. Morgan disclosures on Jan. 7 and 8. Corxel led the recent financings with a $287m series D1 round to advance its oral GLP-1 agonist.
Interviews during the J.P. Morgan Healthcare Conference and commentary at the Biotech Showcase foresaw a strong 2026 almost across the board for drug developers seeking funding.
Europe produces world-class science, but lags behind other regions in translating discoveries into groundbreaking innovations that create jobs and drive economic growth. A new fund from the owners of Novo Nordisk hopes to change that.
With more than $112m in new funding, the company plans further development of its Phase I IL23p19xTL1A-directed bispecific candidate.
Public Company Edition: Aktis’s public market debut sets a positive IPO tone for 2026. Also, follow-on offerings grossed $825m for Arrowhead, $575m for Praxis, $350m for Crinetics and $300m each for Alumis and Monte Rosa ahead of the J.P. Morgan Healthcare Conference.
Drug developers executed just two initial public offerings in the US during the fourth quarter of 2025 versus six IPOs in China and South Korea, continuing a year-long trend.
Industry leaders, executives and investors forecast that M&A will accelerate in 2026, driven by patent cliff urgency. However, capital is becoming more selective, flowing towards proven assets, novel biology and innovative financing structures.
Private Company Edition: Parabilis brought in $305m, Soley raised $200m, Alveus secured $159.8m, Diagonal accessed $125m, EpiBiologics raised $107m and Rakuten garnered $100m, plus other venture capital announcements ahead of the J.P. Morgan Healthcare Conference.
Drug developers raised $8.04bn in venture capital during the fourth quarter, the largest quarterly total in 2025, but the full-year total of $25.23bn was below the $28.04bn raised in 2024.
The recent Evaluate Financing Forum saw three high-calibre panellists give real-world insight into the best ways to secure the best partnerships.
AI-guided drug developer Insilico raised HKD2.28bn ($292.2m) when on the Hong Kong Stock Exchange. Also, Collegium closed a $980m credit facility and in private company financings Syremis, Atavistik and Syneron raised $100m or more in year-end venture capital deals.
Restructuring Edition: Vistagen will implement cash preservation measures after intranasal fasedienol for social anxiety disorder failed in the Phase III PALISADE-3 trial, but PALISADE-4 is ongoing. Also, Geron and BiomX are cutting jobs and Valneva is consolidating in France.
Investor optimism can mask real risks; Biohaven’s setbacks show the need for objectivity and caution in pharma investing.
Public Company Edition: Athira licensed Phase III lasofoxifene from Sermonix and raised $90m plus up to $146m from warrants. Also, Immunovant, Immunome and Kodiak grossed $550m, $400m and $160m respectively, in follow-on offerings. Vor garnered $150m in a private placement.