Total med-tech financings reached $8.54 billion in the first quarter (Q1) of 2026, reflecting a modest pullback from $9.33 billion in the same period of 2025 but remaining well above previous years. The Q1 2026 total exceeds the $6.45 billion recorded in Q1 2024 and $4.69 billion in Q1 2023, signaling continued recovery from the post-2021 downturn.

Total biopharma financings reached $25.14 billion in the first quarter (Q1) of 2026, nearly doubling the $13.12 billion in the Q1 2025. The early 2026 total comes in above the $13.19 billion recorded in 2023 and $13.66 billion in 2022, though it remains below the $38.27 billion during the same period in 2021 and $47.25 billion in 2024.

Imbiologics Corp.’s market capitalization reached ₩1.5 trillion (US$1.02 billion) on its Kosdaq debut March 20, as the biotech seeks to become a leading antibody drugmaker for autoimmune diseases.

Multi-modality platform company Kanaph Therapeutics Inc. raised ₩40 billion (US$26.7 million) through its Kosdaq stock sale March 16, becoming the first Korean biotech to go public this year. The Seoul-based company’s shares (KOSDAQ:0082N0) climbed to ₩70,000 in intraday trading before closing at ₩50,600 – 153% higher than the offering price.

Two biotech and three med-tech companies are slated for Kosdaq debuts this month, signaling a potential rebound for Korea financings in 2026. Kanaph Therapeutics Inc. will open with a ₩40 billion (US$26.99 million) raise and Imbiologics Corp. will debut with ₩52 billion. Additionally, Mezoo Co. Ltd., Cosmo Robotics Co. Ltd. and Recensmedical Inc. will launch IPOs.

Med-tech financings totaled $6.08 billion in the first two months of 2026, slightly below the $6.31 billion raised in January to February 2025, a year-over-year decline of about 4%. Even so, the early 2026 total remains well above the openings seen in 2020 ($5.61 billion), 2022 ($4.36 billion), 2023 ($1.67 billion) and 2024 ($4.66 billion).

Biopharma financings totaled $16.78 billion in the first two months of 2026, about an 81% year-over-year rise from $9.28 billion in January to February 2025. While still below the outsized $33.29 billion recorded in the same period of 2024, and $24.37 billion in 2021, the early 2026 total significantly outpaces the more subdued levels seen in 2022 ($7.48 billion) and 2023 ($7.66 billion).

Pricing shares at $20 each, below the intended price range, insulin delivery company Minimed Group Inc. debuted with an IPO on Nasdaq March 6, raising $560 million. The company offered a total of 28 million shares, which would have brought the Northridge, Calif.-based company $742 million in gross proceeds if the IPO had priced at the midpoint of the $25-to-$28 price range disclosed in February.

Generate Biomedicines Inc. proved that enthusiasm hasn’t waned for TSLP as a target by pricing an IPO selling 25 million shares at $16 each for proceeds of $400 million. Generate’s lead compound is phase III-stage TSLP-targeting antibody GB-0895 and the company’s assigned Nasdaq ticker is GENB. The offering is expected to close on March 2.

Minimed Group Inc., Medtronic plc’s diabetes business, is looking to raise up to $784 million in its IPO. Medronic last May revealed plans to spin off the unit as an independent public company and expected to complete the separation within 18 months.