Q2 2025 marked a strong yet selective quarter for biopharma financing, with six major companies raising over $3 billion across IPOs and PIPEs. Capital largely favored late-stage, de-risked assets, with Hong Kong listings offering alternate public market routes amid limited IPO activity elsewhere. Jiangsu Hengrui Pharmaceuticals led with a $1.3 billion IPO on the Hong Kong Stock Exchange, the city’s largest healthcare listing in nearly five years, allocating most proceeds to R&D and facility expansion. Insmed raised $750 million via a public offering to advance brensocatib and support ARIKAYCE commercialization.
Innovent Biologics secured $549 million in PIPE funding to propel its extensive biologics portfolio across oncology and autoimmune indications. Jade Biosciences raised $300 million in private financing ahead of its Nasdaq debut through a reverse merger with Aerovate Therapeutics, aimed at progressing autoimmune disease programs. Duality Biologics launched a $211 million Hong Kong IPO to fund its ADC pipeline, backed by key partners including BioNTech and GSK. Rounding out the quarter, TransThera Sciences raised $26 million through its Hong Kong IPO to support late-stage development of Tinengotinib for drug-resistant solid tumors.
Biopharma Therapeutics and Platforms IPO, Follow-on, and PIPE Issuances
In Q2 2025, biopharma companies raised $7.2 billion across 47 deals, marking a shift toward larger secondary offerings. Despite a quieter IPO market, total proceeds increased slightly from Q1, with only a modest dip in deal volume (down 4% from 49 deals).
Biopharma Therapeutics and Platforms IPO Activity
IPO activity declined in Q2 2025, with only 5 listings raising a total of $300 million, down 17% in volume and 67% in value compared to Q1. The average IPO size fell to $60 million from $150 million, highlighting continued selectivity in the market for new issuers.
Biopharma Therapeutics and Platforms Follow-on Issuances
Follow-on offerings drove most financing activity in Q2 2025. While deal count dipped to 20 from 23, total proceeds surged 48% to $4.3 billion, raising average deal size to $215 million from $126 million.
Biopharma Therapeutics and Platforms PIPE IssuancesÂ
PIPE activity remained steady in Q2 2025, with 22 deals up slightly from 20, raising $2.6 billion, just below Q1’s $2.7 billion. The average PIPE size dipped to $118 million from $135 million, as issuers opted for tailored structures to extend cash runways.
Overall, Q2 saw fewer deals but larger financings, with the average check size rising to $153 million from $135 million in Q1. For H1 2025, the sector recorded 96 financings totaling $13.8 billion, including 11 IPOs ($1.2 billion; avg. $109 million), 43 follow-ons ($7.3 billion; avg. $170 million), and 42 PIPEs ($5.3 billion; avg. $126 million). Follow-ons accounted for 53% of total capital raised.
Top IPO in Q2 2025
DualityBio – IPO – $211M – April 2025
Duality Biologics has launched its IPO on the Hong Kong Stock Exchange, aiming to raise HKD 1.6 billion (USD 200 million) to support the development of its antibody-drug conjugate (ADC) pipeline. Key backers, including BioNTech, have committed approximately one-third of the offering. The company had initially filed for a Hong Kong listing last year but refiled in 2025 after securing additional partnerships, notably with GSK, alongside existing collaborators BioNTech, BeiGene, and Adcendo. The offering began this week, with pricing expected to be finalized within days. After fees, the IPO is expected to yield HKD 1.4 billion (USD 180 million). Duality plans to allocate 45% of proceeds toward advancing its lead ADC candidates, DB-1303 and DB-1311. DB-1303, which targets HER2, is positioned as a potential competitor to Enhertu (AstraZeneca/Daiichi Sankyo), leveraging a different linker technology to deliver a topoisomerase-I inhibitor.
TransThera – IPO – $25.6M – June 2025
TransThera Sciences successfully listed its H shares on the Main Board of the Hong Kong Stock Exchange, raising approximately HKD 200 million (USD 25 million). The company focuses on developing innovative small-molecule therapies for oncology, inflammatory, and cardiometabolic diseases. Its lead asset, Tinengotinib, is in registrational-stage trials and targets drug-resistant solid tumors with high unmet clinical need. CLSA and Huatai International served as joint sponsors, with additional underwriting support from BOCOM International, BOC International, CMB International, SPDB International, and TradeGo Markets. O’Melveny acted as both Hong Kong and U.S. counsel to TransThera, leading the drafting of the prospectus and providing legal advisory services.
Top Follow-On / Public Offerings of Common Stock in Q2 2025
Hengrui Pharma – Common – $1.26B – April 2025
Jiangsu Hengrui Pharmaceuticals raised HKD 9.9 billion (USD 1.3 billion) in its debut on the Hong Kong Stock Exchange, the largest healthcare IPO in the city in nearly five years. The stock opened at HKD 57, a 29.4% premium to the offer price. The company plans to use 75% of the proceeds for R&D and 15% for building and upgrading production and research facilities in China and abroad. Hengrui is a leading Chinese pharmaceutical firm specializing in innovative drug development and commercialization.
Insmed – Common – $750M – June 2025
Insmed Inc. (Nasdaq: INSM) has priced a public offering of 7.8 million shares at $96 each, aiming to raise approximately $750 million in gross proceeds. The company also granted underwriters a 30-day option to purchase up to 1.17 million additional shares. Proceeds will support the development and potential commercialization of brensocatib, ongoing commercialization of ARIKAYCE®, and R&D for TPIP, INS1201, and other preclinical candidates. Funds may also be used for general corporate purposes and expansion.
Top PIPE Offerings in Q2 2025
Innovent Biologics – PIPE – $548.9M – June 2025
Innovent Biologics completed a $549 million PIPE financing to support its expanding pipeline of antibody and biologic therapies for serious diseases, including cancer. Founded in 2011, Innovent is a leading biopharmaceutical company focused on discovering, developing, manufacturing, and commercializing high-quality, affordable medicines. They have launched 16 approved products and currently have 2 drug applications under regulatory review, 4 assets in Phase 3 or pivotal trials, and 15 in early clinical development. Innovent’s portfolio spans oncology, autoimmune, cardiovascular, metabolic, and ophthalmic diseases. It maintains strategic partnerships with over 30 global healthcare organizations, including Eli Lilly, Sanofi, Incyte, LG Chem, and MD Anderson Cancer Center.
Jade Biosciences – PIPE – $300M – April 2025
Jade Biosciences has merged with Aerovate Therapeutics, forming a unified entity under the Jade Biosciences name. The combined company will begin trading on the Nasdaq Capital Market under the ticker “JBIO” starting April 29, 2025. Ahead of the merger, Jade raised approximately $300 million in private financing, led by Fairmount and Venrock Healthcare Capital Partners, which included the conversion of $95 million in convertible notes. The funding will support the advancement of Jade’s pipeline focused on innovative autoimmune disease therapies. As part of the transaction, each Jade share was converted into 0.6311 shares of the combined company, reflecting a 1-for-35 reverse stock split of Aerovate’s common stock to streamline the capital structure.
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