Finance Watch

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.

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.

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.

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.

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.

Private Company Edition: Korsana Biosciences emerged from stealth mode with $25m in seed funding raised in 2024 and a $150m series A venture capital round that closed in September. Also, ILiAD Biotechnologies completed a $115m series B round, plus other recent VC financings.

Public Company Edition: The XBI fell four days in a row after surprise rejections for a Regenxbio gene therapy and Moderna’s mRNA-based flu vaccine, an incomplete response for Ultragenyx’s gene therapy and rejection of Disc’s CNPV-backed drug. The pace of new financings also slowed.

Private Company Edition: Santé raised a new $330m life science and health care-focused VC fund, while Gimv said it will not back any new life science opportunities. Also, Angitia raised a $130m series D round, QuantX closes a $35m series B and other financings.

Public Company Edition: Veradermics grossed $294.8m, while Eikon brought in $381m, AgomAb grossed $200m and SpyGlass raised $150m, bringing this year’s US IPO count to five. Also, Adlai Nortye grossed $140m in a PIPE, while other companies cut jobs and programs.

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.

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.

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.

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.

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.

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.

Private Company Edition: Three out of eight $100m-plus venture capital financings so far in December were raised by China-based biotech firms – $110m for SanegeneBio, $108m for D3 Bio and $100m for OTR – reflecting growing interest in drug candidates from the country.

FOPO Edition: Capitalizing on positive data, eight drug developers priced follow-on public offerings that brought in $3.2bn, including $650m each for Terns and Structure plus $602m for Kymera.