Evaluate Data

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.

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.

A year after Valneva entered a tech transfer agreement for its chikungunya vaccine with Serum Institute, the deal has been called off. Regulatory approvals for the vaccine in Asia are yet to be obtained and the biologics license for Ixchiq remains suspended in the US. What happens hereon?

Merck & Co.’s checkpoint inhibitor Keytruda remains the best-selling drug worldwide. The top 10 products generated nearly $47bn in third-quarter revenues for big pharma, boosted by swelling sales of obesity drugs.

The $6bn raised by drug developers during the third quarter of 2025 marked a significant rise from $4.92bn raised in Q2, with increases in all segments, from small financings to mega-rounds.

Evaluate data show three biopharma initial public offerings on Western stock exchanges in the third quarter, up from two in Q2, all in the US. But China shows similar IPO activity.

Intercept’s Ocaliva withdrawal in the US places the spotlight on emerging PBC candidates like Zydus’s saroglitazar, a PPAR agonist that beat both Gilead’s Livdelzi and Ipsen’s Iqirvo on biochemical response in topline results. Will the withdrawal and policy developments boost Zydus’s prospects?

In Vivo looks at the therapies projected to lead global sales by 2030. These frontrunners not only reflect advances in innovation but also shifting priorities in chronic disease management.

As blockbuster drugs lose patent protection and sales decline, big pharma companies must replenish aging portfolios with innovative therapies. Some, like Eli Lilly and Novo Nordisk, are rising through new drug launches while others are increasingly reliant on older assets.

As analysts disagree over the future commercial performance of major late-stage therapies, In Vivo looks into the polarized debate surrounding five blockbuster assets.

Zydus's saroglitazar beat both Gilead’s Livdelzi and Ipsen’s Iqirvo on biochemical response in topline results from a Phase IIb/III trial in primary biliary cholangitis, but subtle differences in definitions, data on pruritus or itching and other factors could be key to approval and adoption.

By 2030, the pharmaceutical company leaderboard will be transformed as incretin-based therapies propel Eli Lilly and Novo Nordisk to the top, while companies reliant on aging blockbuster drugs see their dominance wane.