Financing

Analysts hold back on predicting new heights for B+L until full split from parent firm. It reported Q4 revenue up 9% to $1.28bn and full-year revenue up 16% to $4.79bn.

For In Vivo's 17th annual Deals of the Year contest, we selected 12 nominees in three categories – Top Alliance, Top Financing and Top M&A. The polls are closed, and it is time to reveal the winners.

Public Company Edition: Aardvark Therapeutics’ US IPO – the fifth of 2025 – will fund a Phase III trial in Prader-Willi syndrome and other studies. Also, Sarepta closed on a $600m revolving credit facility and Biogen entered into a funding agreement with Royalty Pharma for up to $250m.

In the latest episode of the In Vivo podcast, Citeline’s expert panel of reporters and analysts unpack the biggest deals, trends and innovations following the J.P. Morgan Healthcare Conference.

Private Company Edition: Abcuro’s series C venture capital round will fund its lead drug through pivotal results, filing with the US FDA and launch preparations. Also, AdvanCell completed a $112m series C round, Lutris Pharma raised $30m and Imvax closed a $29m financing.

Restructuring Edition: Third Harmonic cut its workforce by half based on positive Phase I data for THB335. Also, encouraged by early Phase IIa results in alopecia areata, Q32 Bio is focusing on bempikibart. In addition, X4, Turnstone, Fractyl, Cargo and others recently revealed layoffs.

During Q4, biopharmas brought in an aggregate $16.8bn in financing and device company fundraising totaled $2.3bn; while in vitro diagnostic firms and research tools players raised $294m.

An interactive look at pharma, medtech and diagnostics deals made during January 2025. Data courtesy of Biomedtracker.

While Japan looks set to further improve policies to support ventures and ease market entry this year, these will contrast with ongoing reimbursement price controls.

Public Company Edition: A three-per-month IPO pace would top the 25 first-time biopharma offerings in 2024. Also, Akero grossed $402.5m and 89bio raised $250m in follow-on offerings that cashed in on Akero’s Phase IIb MASH readout. Immunovant raised $450m in a private placement.