The week before the annual J.P. Morgan Healthcare Conference always brings a flurry of new venture capital financings and the tradition continued in 2025, including Aviceda Therapeutics with a $207.5m series C round on 7 January, Tenvie’s $200m launch and Aspect Biosystems’ $115m series B on 8 January, and a €90m ($93.4m) series A that Orbis Medicines disclosed on 6 January.
Finance Watch: Aviceda, Tenvie Among Flurry Of Pre-J.P. Morgan VC Financings
Leyden Labs Raises $70m, Buys CoV Biotechnology
Private Company Edition: Biopharma firms revealed new VC funding to highlight progress ahead of the J.P. Morgan Healthcare Conference, including Aviceda’s $207.5m series C round, Tenvie’s $200m launch, a $115m series B for Aspect Biosystems and a €90m ($93.4m) series A for Orbis.
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Private Company Edition: The latest group of drug developers to announce venture capital financings is remarkable for its geographic diversity, from Character Biosciences’ $93m series B round in the US to Augustine’s $85m series B in Belgium to a $29.2m series C for Aculys in Japan.
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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.
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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.
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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.
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All the elements for a big M&A year are in place, but political uncertainty and interest rates could push more deals into the second half of the year, according to business development experts at BIO CEO & Investor.
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Highlights from the BIO CEO & Investor Conference, held in New York 10-11 February, include the impact of US political changes, Chinese companies entering the obesity race, and IPO pitfalls.
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Bristol Myers Squibb has been in a rapid growth phase to make up for upcoming losses of exclusivity. Scrip spoke with executives about further catalysts coming in the next 18-24 months.