Biopharma financing activity from January through November reveals an environment that has cycled through dramatic peaks and subsequent normalization. In November 2025, $9.94 billion was collected through 96 transactions, down in both value and volume from $13.23 billion from 137 transactions in October.
Bao Pharmaceuticals Co. Ltd., a developer of subcutaneous biologic drugs, priced its IPO at HK$26.38 on Dec. 2, aiming to raise about HK$1 billion (US$128 million). Bao expects net proceeds of HK$921.5 million after expenses, which will fund its “two-anti” strategy – developing both antibody and antibiotic drugs worldwide, mainly in China, the U.S. and Europe.
Biopharma financings from January through October 2025 totaled $61.45 billion, roughly in line with the $61.04 billion raised during the same period in 2023 but down sharply from last year’s $93.83 billion.
With strong phase II data in hand from its trial testing EVO-756 in chronic inducible urticaria (CIndU) – hives triggered by a specific cause – Evommune Inc. priced its IPO of about 9.3 million shares at $16 each, granting underwriters a 30-day option to buy as many as about 1.4 million more. Proceeds are expected to total $150 million, and shares of the firm (NYSE:EVMN) came out of the gate strong, closing Nov. 6 at $20.23, up 26%.
Maplight Therapeutics Inc.’s pricing of a $258.9 million financing this week revived the debate over whether targeting the M1 as well as the M4 muscarinic receptor – as Bristol Myers Squibb Co. does with U.S. FDA-approved Cobenfy (xanomeline and trospium chloride) for schizophrenia – is a better strategy than going after M4 alone.
U.K. biotech companies raised 46% less in the third quarter (Q3) of 2025 than in the previous quarter, at £187 million (US$249.3 million). The Q3 2025 figure was also in the shade compared to Q1 2025, when biotechs raised £881 million, and 73% less than in Q3 2024.
Antibody-drug conjugate (ADC) specialist Aimedbio Inc. announced Oct. 16 the signing of a potential $991 million deal with Boehringer Ingelheim GmbH to license out its novel preclinical ADC asset targeting solid tumors, including KRAS mutations, which is set to enter phase I study next year.
CF Pharmtech Inc. raised HK$607.67 million (US$78.12 million) through the sale of 41.19 million H shares on the Hong Kong Stock Exchange (HKEX) Oct. 8. The proceeds will be used to advance the Suzhou, China-based drug developer’s portfolio of inhalation candidates for respiratory diseases.
Total biopharma financings reached $18.69 billion in the third quarter (Q3) of 2025, rising 14% from $16.41 billion in Q2 and 42% from $13.12 billion in Q1. While still far below the pandemic-era peaks, when quarterly totals often surpassed $30 billion, Q3’s raise stands among the highest since 2022.
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