After a prolonged downturn, the med-tech IPO market rebounded in 2025, with deal value surging to $13.01 billion across 31 offerings. The recovery followed two muted years, with just $619 million raised in 2024 and a low-point of $110 million in 2023.
Global investors in med tech are confident about exit opportunities in the year ahead. The strategics have already started making acquisitions, the IPO window – which reopened last year – is expected to remain active, and the investment firms have companies in their portfolios that are well-positioned for exit. With fundamentals in the sector still robust, 2026 is expected to reward companies that deliver clear clinical value.
Another two biopharma companies priced IPOs on Nasdaq to raise a combined $350 million, becoming the fourth and fifth firms to debut on U.S. markets in 2026.
Insight Lifetech Co. Ltd. listed on the Shanghai Stock Exchange’s STAR market via an unprofitable biotech track reinstated last year, with the Feb. 5 IPO raising ¥998.64 million (US$143.93 million).
Total biopharma financings rose to $10.79 billion in January 2026, up from $9.08 billion in December. The monthly total nearly matched the January 2024 record of $10.9 billion, far exceeding the $6.82 billion average monthly haul in 2025.
Pricing the third and largest biopharma IPO of 2026, Eikon Therapeutics Inc. raised $381 million in an upsized offering of 21.18 million shares of common stock at $18 each, the high point of its price range.
Veradermics Inc. raised $256.3 million from an IPO on the New York Stock Exchange Feb. 4. The proceeds will fund three ongoing phase II/III clinical trials of VDPHL-01, its novel oral formulation of Rogaine (minoxidil) to treat pattern hair loss in men and women.
Total med-tech financing activity surged in the fourth quarter of 2025, with $16.21 billion raised across all financing categories, more than double the $5.78 billion recorded in Q3 and the strongest quarterly total of the year.
Oncology-focused Eikon Therapeutics Inc. set the terms of its IPO Jan. 28, selling 17.648 million shares at a price range between $16 to $18 per share. At the top of the range, the Millbrae, Calif.-based biopharma company would raise about $317.7 million.
Biopharma financing values have shown quarterly volatility over the past decade, with surges often concentrated in specific quarters rather than evenly distributed throughout the year. The pandemic era marked a clear inflection point, and more recently, financing patterns have normalized with outsized quarters driving annual totals. In 2025, total financings accelerated as the year progressed, rising from $13.12 billion in the first quarter (Q1) to $18.92 billion in Q3 to a peak of $33.16 billion in Q4, the strongest quarter since early 2024.
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