Biopharma financings from January through September 2025 totaled $47.1 billion, a sharp decline from 2024’s $86.7 billion during the same period and well below the highs of 2020 and 2021. The slowdown was driven largely by weaker follow-on activity, which brought in $12.9 billion compared to more than $40 billion last year.

Full-Life Technologies Ltd. announced Sept. 29 the completion of a $77 million financing, comprising $50 million in series C equity and $27 million in debt financing, which will be used to advance a portfolio of radiopharmaceuticals and radionuclide-drug conjugates worldwide.

Newco Trogenix Ltd. has emerged from incubation and raised £70 million (US$94.1 million) in a series A, as it prepares the ground for a U.S/U.K. clinical trial of a novel gene therapy construct in glioblastoma multiforme that is due to start at the beginning of 2026.

Trogenix Ltd. has completed its series A financing, raising £70 million ($95 million) to support progression into the clinic of its pipeline of potentially curative cancer therapies across multiple aggressive solid tumors.

Researchers at Heriot-Watt University received more than £475,000 ($637,000) in funding to advance clinical work on a vibroacoustic sensor which could change how eczema is diagnosed and treated.

Med-tech financings with publicly reported values totaled $23.2 billion in the first three quarters of 2025, marking an improvement over 2023 and 2024. The rebound was driven by a resurgence in IPOs and solid private financings, while follow-on offerings lagged compared to historical averages.