In 2025, biopharma therapeutics and platforms IPO financing completed 279 IPOs, follow-on, and PIPE transactions, raising $40.8B, down from 306 deals totaling $49.6B in 2024, reflecting a more selective funding environment and softer market appetite. Global IPO activity included 26 deals raising $3.3B, while US IPOs on NASDAQ/NYSE totaled 9 deals for $1.6B. Follow-ons numbered 123 for $24.1B, and PIPEs totaled 130 for $13.5B. Across 2024–2025, the sector completed 585 financings raising $90.4B, showing that capital formation remained robust despite the slowdown.
Major 2025 IPOs and PIPEs include Hengrui Pharma HKSE $1.3B (oncology, innovative drugs, 75% R&D/15% facilities), Insmed $750M (brensocatib, ARIKAYCE, TPIP, INS1201, preclinical), Terns $748M (oncology TERN 701), Innovent PIPE $549M (oncology, autoimmune, cardiovascular, metabolic, ophthalmic), and Tharimmune PIPE $545M (TH104 fentanyl respiratory depression, TH023 autoimmune, multispecific biologics). Additional notable financings were Summit Therapeutics PIPE $500M (ivonescimab bispecific PD-1/VEGF for immunotherapy and anti-angiogenesis), Metsera IPO $316M (NuSH analog peptides for obesity/metabolic conditions), MapLight IPO $288M (ML-007C-MA oral M1/M4 agonist for schizophrenia and Alzheimer’s psychosis), and LB Pharmaceuticals IPO $285M (LB-102 oral amisulpride derivative for schizophrenia). These deals highlight interest across oncology, CNS, autoimmune, metabolic, and obesity therapeutic areas, despite reduced deal sizes and cautious market sentiment in 2025.
In 2025, biopharma therapeutics and platforms companies completed 279 IPOs, follow-on offerings, and PIPE financings, raising $40.8B. This compares with 306 financings totaling $49.6B in 2024, reflecting a year-on-year decline in both deal volume and capital raised, indicating a more selective funding environment. Despite the slowdown, the sector continued to attract significant capital. Across 2024 and 2025 combined, companies completed 585 financings raising $90.4B.
Biopharma Therapeutics and Platforms IPO Activity
In 2025, biopharma therapeutics and platforms companies completed 26 IPOs across global exchanges, raising $3.3B. While the number of IPOs remained unchanged from 2024, total proceeds declined sharply from $6.8B to $3.3B, indicating that although deal volume held steady, the average IPO size fell significantly amid a more cautious fundraising. Across 2024 and 2025 combined, the sector recorded 52 IPOs raising $10.1B.
In 2025, biopharma therapeutics and platforms companies completed 9 IPOs on NASDAQ and NYSE, raising $1.6B. Compared with 2024, when 19 IPOs raised $3.8B, a clear decline in both listing volume and capital raised, indicating a selective and cautious US IPO market for biopharma issuers in 2025. Across 2024 and 2025 combined, the sector recorded 28 IPOs raising $5.4B.
Biopharma Therapeutics and Platforms Follow-on Issuances
In 2025, biopharma therapeutics and platforms companies completed 123 follow-on issuances, raising $24.1B. Compared with 2024, when 127 follow-ons raised $27.8B, activity declined slightly in both volume and total proceeds. Across 2024 and 2025 combined, the sector recorded 250 follow-on issuances raising $51.9B.
Biopharma Therapeutics and Platforms PIPE Issuances
In 2025, biopharma therapeutics and platforms companies completed 130 PIPE issuances, raising $13.5B. Compared with 2024, when 153 PIPEs raised $15B, both deal volume and capital raised declined, indicating a softer private financing and lower investor participation. Across 2024 and 2025 combined, the sector recorded 283 PIPE issuances totaling $28.5B.
Prominent Biopharma Therapeutics and Platforms IPOs in 2025
Metsera – IPO – $316.2M – January 2025
Metsera (MTSR) raised $316M via 15.28M shares at $18, with 2.29M additional shares via full underwriter option. The company develops NuSH analog peptides for obesity and related conditions; listed on the Nasdaq Global Select Market (MTSR).
MapLight Therapeutics – IPO – $288.3M – October 2025
MapLight filed for a $288M IPO of 14.75M shares at $17, with a 30-day option for 2.21M shares, plus 476,707 shares in a private placement to Goldman Sachs affiliates. Lead candidate ML-007C-MA, an oral extended-release M1/M4 agonist with a peripherally acting anticholinergic, is in Phase 2 trials for schizophrenia and Alzheimer’s disease psychosis.
LB Pharmaceuticals – IPO – $250M – August 2025
LB Pharmaceuticals raised $285M via 19M shares at $15 (Nasdaq: LBRX) to advance LB-102, an oral amisulpride derivative for schizophrenia. The offering is the largest biotech IPO of the year; prior private funding totaled $120M, including a $75M series C (Aug 2023–Jan 2024).
Prominent Biopharma Therapeutics and Platforms Follow-on Issuances in 2025
Hengrui Pharma – HKSE IPO – $1.26B – April 2025
Jiangsu Hengrui Pharmaceuticals raised HKD 9.9B (USD 1.3B) on the Hong Kong Stock Exchange, oversubscribed 450x, with shares opening 29.4% above the offer price. Cornerstone investors included GIC, Invesco, UBS, Hillhouse, and Boyu. Proceeds (75% R&D, 15% facilities) support innovation across oncology and other therapeutic areas. Hengrui posted RMB 28B revenue in 2024 (14% CAGR since 2014) and Q1 2025 revenue of RMB 7.2B (+20.1% YoY).
Insmed – Common – $750M+ – June 2025
Insmed (INSM) priced 7.81M shares at $96, with a 30-day option for 1.17M additional shares, raising $750M+. Proceeds fund R&D and commercialization of brensocatib, ARIKAYCE, TPIP, INS1201, and other preclinical programs for serious diseases. Joint book-runners: Goldman Sachs, Leerink, BofA, Jefferies, J.P. Morgan; co-lead: Stifel.
Terns Pharmaceuticals – Common – $747.5M – December 2025
Terns (TERN) raised $748M via 18.69M shares at $40, including full underwriter option. Net proceeds support clinical development, trials, and potential commercialization of oncology candidate TERN 701 and corporate purposes. Lead managers: Jefferies, TD Cowen, Leerink; co-managers: Mizuho, Citizens, Oppenheimer.
Prominent Biopharma Therapeutics and Platforms PIPE Issuances in 2025
Innovent Biologics – PIPE – $548.9M – June 2025
Innovent Biologics closed a $549M PIPE to expand its antibody and biologic pipeline across oncology, autoimmune, cardiovascular, metabolic, and ophthalmic diseases. The company has 16 approved products, 2 filings under review, 4 Phase 3/pivotal, and 15 early-stage assets, partnering with >30 global organizations, including Eli Lilly, Sanofi, Incyte, LG Chem, and MD Anderson.
Tharimmune – PIPE – $545M – November 2025
Tharimmune (THAR) raised $545M in a private placement led by DRW and Liberty City Ventures for its Canton Coin Treasury Strategy, supporting blockchain initiatives while maintaining clinical-stage biotech operations. Lead candidate TH104 (nalmefene) targets fentanyl-induced respiratory depression; pipeline includes TH023 for autoimmune diseases and a multispecific biologic platform.
Summit Therapeutics – PIPE – $500M – October 2025
Summit (SMMT) raised $500M via 26.68M shares at $18.74, with $282M from insiders and $218M from institutions. Proceeds advance clinical development of ivonescimab (SMT112/AK112), a bispecific antibody targeting PD-1 and VEGF for immunotherapy and anti-angiogenesis across multiple regions.
Also check out Biopharma Therapeutics and Platforms Venture Funding – 2025 Review
