Despite a slow return of IPOs in the U.S., global IPOs in healthcare and life sciences rebounded in 2025, with 48 IPOs raising $14.1B versus 38 IPOs/$10.2B in 2024. PIPEs moderated to 158 deals/$15.6B from 178/$17B, while follow-ons slowed to 156/$29B from 157/$39.8B, reflecting smaller but resilient deal sizes. SPAC activity remained limited, with 2 deals/$400M versus 3/$500M in 2024. By subsector, manufacturing, services, and healthcare AI/ML led with 8 IPOs/$8.3B (up from 10/$3.1B), medical devices and diagnostics rebounded to 14/$2.4B (from 2/$300M), and biopharma held steady at 26/$3.3B (down from $6.8B), highlighting smaller raises.

Key 2025 IPOs: Metsera $316M (obesity, Feb), BillionToOne $314M (DNA diagnostics, Oct), MapLight $262M (schizophrenia/Alzheimer’s, Sep), LB Pharmaceuticals $285M (schizophrenia/bipolar, Aug), Beta Bionics $235M (iLet bionic pancreas, Jan). The market favored larger, later-stage, and scale-focused companies in high-demand therapeutic areas, with clear development and commercialization paths.

Global healthcare and life sciences IPO activity strengthened in 2025, with 48 offerings raising $14.1B, reflecting improved conditions and stronger demand compared with 2024. The prior year recorded 38 IPOs raising $10.2B, underscoring a more subdued issuance environment. Across 2024 and 2025, the sector completed 86 IPOs, raising $24.3B. The 2025 recovery was evident in both volume and proceeds, with 10 additional IPOs and $3.9B more capital.

 

Global Healthcare and Life Sciences – PIPE Issuances

Healthcare and life sciences PIPE activity moderated in 2025, with 158 issuances raising $15.6B, reflecting softer deal flow and lower aggregate capital than in 2024. The prior year recorded 178 PIPEs totaling $17B, indicating higher transaction volume and funding levels. Across 2024 and 2025, the sector completed 336 PIPEs, raising $32.5B. Year over year, 2025 saw 20 fewer transactions and $1.4B less capital raised, although the average deal size edged higher at about $99M per PIPE versus $96M in 2024.

 

Global Healthcare and Life Sciences – Follow-on-Issuances

Follow-on issuance in healthcare and life sciences slowed in 2025, with 156 offerings raising $29B, indicating access to public markets versus the prior year. In 2024, activity was nearly unchanged in volume at 157 deals, but proceeds were significantly higher at $39.8B, reflecting a stronger funding backdrop. Across 2024 and 2025, the sector completed 313 follow-ons totaling $68.8B. Year over year, deal count was effectively flat, down by 1 transaction, while total proceeds declined by $10.8B, highlighting that the 2025 slowdown was driven by smaller average offering sizes of about $186M per deal compared with $254M in 2024.

 

Healthcare and Life Sciences – IPO Activity by Subsector

Total healthcare and life sciences IPO proceeds rose to $14.1B in 2025, driven primarily by manufacturing and services at $7.2B, with additional contributions from biopharma at $3.3B and diagnostics at $1.9B. This mix points preference to capital-intensive and scale-oriented businesses. In 2024, total IPO proceeds were lower at $10.2B and more heavily concentrated in biopharma at $6.8B and health services, IT, and software at $2.5B, underscoring a shift in 2025 toward larger offerings outside traditional biopharma.

 

Biopharma Therapeutics and Platforms – IPO Activity

Biopharma therapeutics and platform IPO funding declined in 2025 to $3.3B across 26 offerings, indicating that while listing activity was unchanged, companies raised materially less capital. In 2024, the same number of IPOs generated $6.8B in proceeds, confirming that the year over year decline reflected smaller deal sizes rather than reduced market participation.

 

Medical Devices and Diagnostics – IPO Activity

Medical devices and diagnostics rebounded strongly in 2025, with 14 IPOs raising $2.4B, pointing to a wider reopening of public markets for device and digital health companies. In 2024, activity was limited to 2 IPOs raising $300M.

 

Manufacturing, Services, and Healthcare AI/ML – IPO Activity

In 2025, manufacturing, services, and healthcare AI/ML delivered the highest IPO proceeds, with 8 offerings raising $8.3B, reflecting a smaller number of significantly larger transactions. By comparison, 2024 saw 10 IPOs raising $3.1B. The sharp increase in capital in 2025 indicates a focus on larger, more mature, higher-quality service, software, and AI companies.

 

Global Healthcare and Life Sciences – SPAC IPO Activity

Healthcare and life sciences SPAC IPO activity remained subdued in 2025, with 2 transactions raising $400M, underscoring the continued marginal role of SPACs relative to traditional equity offerings. In 2024, the sector recorded 3 SPAC IPOs totaling $500M, only slightly higher and still well below prior peak levels. Across 2024 and 2025, 5 SPAC IPOs raised $900M in aggregate. Year over year, 2025 saw one fewer transaction and $100M less capital raised, while the average SPAC size increased modestly to about $200M from $167M in 2024.

Prominent IPO Activity Global Healthcare and Life Sciences – 2025

Metsera – IPO – $316.2M – January 2025

Metsera, Inc. (Nasdaq: MTSR), a clinical-stage biotechnology company focused on injectable and oral nutrient-stimulated hormone analog peptides for obesity, overweight, and related conditions, completed its initial public offering. The company sold 15,277,778 shares at $18.00 per share and subsequently closed the full exercise of the underwriters’ option to purchase an additional 2,291,666 shares at the same price. All shares were issued by Metsera. Total gross proceeds from the offering, before underwriting discounts, commissions, and offering expenses, were $316M. Metsera’s common stock trades on the Nasdaq Market under the ticker symbol MTSR.

BillionToOne – IPO – $314M – October 2025

Molecular diagnostics company BillionToOne raised $314M in an upsized IPO, selling more than 5.2M shares of Class A stock at $60 per share and debuting on Nasdaq under the ticker BLLN. Shares traded as high as $113.06 on the first day before closing more than 8% at $100.03, indicating early volatility despite strong initial demand. J.P. Morgan, Piper Sandler, Jefferies, and William Blair served as joint book-running managers, alongside Stifel, Wells Fargo Securities, and BTIG. Proceeds will support the expansion of the company’s DNA testing platforms in non-invasive prenatal screening and oncology. Before the IPO, BillionToOne raised $130M in a series D financing in June, reaching a $1 billion valuation at that time.

MapLight Therapeutics – IPO – $288.3M – September 2025

MapLight Therapeutics launched its Nasdaq IPO with plans to raise approximately $250M to advance its schizophrenia program. The company is offering 14.7M shares at $17 per share, expected to generate $227M in gross proceeds, increasing to $262M if underwriters exercise their option to purchase an additional 2.21M shares at the same price. Shares are scheduled to trade on Nasdaq under the ticker MPLT. In parallel with the IPO, MapLight will sell 476,707 shares at $17 per share in a private placement to affiliates of Goldman Sachs. Proceeds are primarily allocated to clinical development. Up to $120M will fund the ongoing phase 2 trial of ML-007C-MA, an M1 and M4 muscarinic agonist for schizophrenia, which began in July and includes 300 patients. Up to $70M is earmarked for a phase 2 study of ML-007C-MA in Alzheimer’s disease psychosis, launched last month. Additional allocations include up to $25M for a phase 2 trial of ML-004, a 5 HT agonist for autism spectrum disorder, and up to $40M for preclinical development of ML-009 and ML-021.

LB Pharmaceuticals – IPO – $285M – August 2025

LB Pharmaceuticals upsized its Nasdaq IPO to 19 million shares from 16.7M, pricing the offering at $15 per share and targeting $285M in gross proceeds, versus $229M in net proceeds previously indicated. Proceeds could increase by $43M if underwriters exercise their 30-day option to purchase an additional 2.85M shares. Shares are expected to trade under the ticker LBRX. IPO proceeds will support the development of LB 102, an oral schizophrenia candidate and a modified form of the dopamine inhibitor amisulpride. The company reported statistically significant phase 2 efficacy data in January after four weeks of treatment. LB Pharmaceuticals plans to allocate $133M to a phase 3 schizophrenia trial and approximately $25M to a phase 2 study in bipolar disorder.

Beta Bionics – IPO – $234.6M – January 2025

Beta Bionics completed an upsized IPO, raising $235M from the sale of 13,800,000 shares at $17.00 per share, including the full exercise of the underwriters’ option for an additional 1,800,000 shares. The shares began trading on Nasdaq under the ticker BBNX on January 30, 2025. The investment thesis is supported by the iLet bionic pancreas system, which received FDA clearance in 2023 for type 1 diabetes patients aged six and older. The system automatically adjusts insulin dosing every five minutes without manual dose setting or carbohydrate tracking. Adoption has been strong, with 67% of users switching from multiple daily injections. With 830 million people living with diabetes globally in 2022, the addressable market remains large and expanding.

 

Also check out Global Healthcare and Life Sciences Venture Funding – 2025 Review