Biopharma public financing activity rebounded in Q3 2025, with $9.1 billion raised across 70 transactions, up from $7.3 billion in the previous quarter. The recovery was driven by stronger global IPO momentum alongside sustained follow-on and PIPE issuance. Follow-on offerings contributed the largest share, reflecting confidence in established biopharma companies. Notable U.S. and Asian exchange IPOs included LB Pharmaceuticals’ $285 million raise to advance its schizophrenia program, GenFleet Therapeutics’ $234 million offering to support oncology and autoimmune assets and Leads Biolabs’ $189 million financing to expand its immuno-oncology pipeline.
Among follow-on deals, Abivax secured $748 million to advance its ulcerative colitis portfolio, Avidity Biosciences raised $690 million to accelerate RNA-based therapeutic development, and uniQure brought in $345 million to fund gene therapy programs. PIPE financing also gained traction, highlighted by 180 Life Sciences’ $425 million private placement to support its anti-TNF platform and ETH treasury initiative, Semnur Pharmaceuticals’ $200 million Bitcoin-backed transaction to progress its late-stage non-opioid pain therapy, and Everest Medicines’ $200 million placement to advance its AI+mRNA oncology and immunotherapy pipeline, including its EVM14 and EVM16 cancer vaccine candidates.
Biopharma Therapeutics and Platform IPOs, Follow-on, and PIPE Issuances
In Q3 2025, financing for biopharma and therapeutic platform companies strengthened significantly, with 70 transactions raising $9.1 billion from $7.3 billion across 47 deals in the previous quarter.
Biopharma Therapeutics and Platform IPOs
The quarter recorded 6 IPOs globally raising $800 million, a slight increase from 5 listings worth $300 million in Q2.
Top Biopharma Therapeutics and Platform IPOs in Q3 2025
LB Pharmaceuticals – IPO – $285M – September 2025
LB Pharmaceuticals successfully ended the 2025 biotech IPO lull by raising $285 million through an upsized Nasdaq listing on September 11 under the ticker LBRX. The company sold 19 million shares at $15 each, exceeding initial plans of 16.7 million, with potential proceeds rising by $43 million if underwriters exercise their option. IPO funds will advance its lead program, LB-102, an oral schizophrenia therapy derived from Sanofi’s marketed antipsychotic amisulpride, designed to deliver an improved therapeutic profile.
GenFleet Therapeutics – IPO – $234M – September 2025
GenFleet Therapeutics (HKEX: 2595), a Shanghai-based biopharma focused on oncology and autoimmune therapies, raised HK$1.8 billion (US$234 million) in its Hong Kong Stock Exchange debut on September 19, 2025. The stock opened at HK$44 and closed at HK$42.10, marking a 106% gain from its IPO price.
Leads Biolabs – IPO – $189M – July 2025
Leads Biolabs (HKEX: 09887), a Nanjing-based biotech specializing in immuno-oncology, raised $189 million in its Hong Kong Stock Exchange debut on July 25, 2025, pricing 36.86 million shares at HKD 35 each. The company will allocate about 65% of proceeds to ongoing and planned clinical trials and regulatory activities, with the rest supporting preclinical programs, manufacturing expansion, and corporate operations. Its lead asset, LBL-024, is the first 4-1BB–targeted molecule to enter registrational trials, demonstrating a 75% response rate in neuroendocrine carcinoma.
Biopharma Therapeutics and Platforms Follow-on Issuances
Follow-on offerings remained the primary financing channel, with 30 deals raising $5.2 billion, up from $4.4 billion in Q2.
Top Biopharma Therapeutics and Platform Follow-on Issuances in Q3 2025
Abivax – Common – $747.5M – August 2025
Abivax (NASDAQ: ABVX), a France- and US-based biotech developing therapies for chronic inflammatory diseases, completed a follow-on offering totaling 11.68 million ADSs at $64.00 per share, including full exercise of the underwriters’ option for 1.52 million additional shares. The transaction generated $748 million in gross proceeds ($700 million net), representing a 21% premium over the recent Euronext Paris average. Proceeds will support the advancement of its lead candidate, obefazimod (ABX464), currently in Phase 3 trials for moderate to severe ulcerative colitis.
Avidity Biosciences – Common – $690M – September 2025
Avidity Biosciences Inc. (NASDAQ: RNA), a leader in RNA-based therapeutics, completed an underwritten public offering of 17.25 million shares at $40.00 per share, including the underwriters’ full option exercise for 2.25 million additional shares. The offering generated approximately $690 million in gross proceeds. Funds will support the advancement of Avidity’s three late-stage clinical programs, scale-up of commercial manufacturing, and continued development of its antibody oligonucleotide conjugate (AOC) platform, as well as general corporate purposes. J.P. Morgan, TD Cowen, Leerink Partners, Cantor, and Wells Fargo Securities acted as joint bookrunning managers.
uniQure – Common – $320M – September 2025
uniQure N.V. (NASDAQ: QURE), a gene therapy company, raised approximately $345 million in gross proceeds through its public offering of 6.74 million ordinary shares at $47.50 each, including 947,368 shares issued under the underwriters’ option and pre-funded warrants for 526,316 shares. Leerink Partners, Stifel, Guggenheim Securities, and Van Lanschot Kempen acted as bookrunning managers, with H.C. Wainwright & Co. as lead manager. Proceeds will support commercialization readiness and potential launch of AMT-130, advancement of other clinical programs, business development, and general corporate purposes.
Biopharma Therapeutics and Platform PIPE Issuances
PIPE financings also strengthened, with 34 rounds raising $3 billion, up from 23 rounds and $2.6 billion in Q2, signaling interest in publicly traded biopharma companies. Overall, H1 2025 saw $16.4 billion raised across 117 deals, with follow-on offerings contributing the largest share, reflecting preference for established public biopharma companies over new IPO entrants.
Top Biopharma Therapeutics and Platform PIPE Issuances
180 Life Sciences – PIPE – $425M – August 2025
180 Life Sciences Corp. (NASDAQ: ATNF) completed a $425 million private placement through a PIPE transaction, selling common stock and pre-funded warrants at $2.65 per share. The company plans to use proceeds to implement its new ETH treasury strategy, covering ETH purchases, transaction expenses, management and director compensation, support for its iGaming operations, monetization of biotech intellectual property assets, and other corporate purposes.
Semnur Pharmaceuticals – PIPE – $200M – September 2025
Scilex Holding Company (NASDAQ: SCLX) entered a securities purchase agreement with an institutional investor to exchange $200 million worth of Semnur Pharmaceuticals stock for an equivalent value in Bitcoin. The transaction involves the sale of 12.5 million Semnur shares at $16.00 each and is expected to close around September 23, 2025, subject to customary conditions. Semnur, a late-stage specialty pharmaceutical company, is developing SP-102 (SEMDEXA™), the first non-opioid epidural gel for treating chronic radicular pain and sciatica.
Everest Medicines – PIPE – $200M – August 2025
Everest Medicines (HKEX: 1952) raised HK$1.6 billion (US$200 million) through a placement and subscription of 22.56 million shares with CBC Group and placement agents, priced at HK$69.70 each. The company has built an integrated AI+mRNA platform focused on oncology and autoimmune diseases, advancing candidates such as EVM14 and EVM16. EVM16 has shown early immune responses in cancer patients at Peking University Cancer Hospital, while EVM14 recently received dual IND approvals from the NMPA and U.S. FDA.
Also check out Biopharma Therapeutics and Platforms Venture & IPOs – Q2 2024
