Where Are the Biotech IPOs and Deals?

There has not been a biotech IPO since February 13th, and this has been the longest period since 2012 that we have gone without an IPO. That particular offering was Aardvark Therapeutics' $94M launch:

There was a 19-week stretch in 2022 between the IPO's of PepGen and Third Harmonic (THRD stockholders vote next month whether to dissolve the company):

One reason why is that 27 of the 33 IPOs since 2023 are currently trading below their issue price. The median performance was -58%.

There have been 15 acquisitions so far in 2025 that has created some activity. Of late:

• BioMarin Pharm acquired Inozyme Pharma for $270M or $4.00/share

• Novartis acquired Regulus for $800M or $7.00/share

• Merck KGaA acquired SpringWorks for $3,900M or $47/share

Uncertainty in markets and with policy has been one of the causes of the draught. But so has investor demand. Especially weighing on the markets is the great flux of deals and IPOs that came about following the pandemic response of 2020 and 2021 where the public markets seemed to have a biotech launch on the NASDAQ every week. Most of those companies are struggling to even stay in business and many have already closed down.

It seems that we are back to the basics and biotech companies need to generate results in order to merit the IPOs and deal-making that we had seen the past few years. With the uncertainty of policy and the markets, we might have to wait a bit before we see some exciting news.