Seaport Therapeutics Inc. joined Nasdaq May 1, raising gross proceeds of $254.9 million, as its parent, Boston-based Puretech Health plc moved to exit the market, opting for a sole listing on the London Stock Exchange (LSE) in order to reduce its cost base and cut bureaucracy.

The memory of Merck & Co. Inc.’s $10 billion takeover last year of inhaled respiratory drug specialist Verona Pharma plc may not have been far from the minds of Wall Street speculators as Avalyn Pharma Inc. priced its IPO, selling about 16.6 million shares at the high end of the targeted range, or $18 each, to reap about $300 million. The stock (NASDAQ:AVLN) came out of the gate strong on the first day of trading and closed April 30 at $29.49, up $11.49, or 64%.

Ribo Life Science Co. Ltd.’s HK$1.8 billion (US$230 million) raise on Jan. 9 was the sole Chinese biotech IPO on the Hong Kong Stock Exchange in the first quarter (Q1) of 2026, despite a growing backlog of more than 70 filings from China life science firms in 2025. Among med-tech companies, Hangzhou Diagens Biotechnology Co. Ltd. debuted with a $101 million Hong Kong IPO March 30, 2026.

Following its 2022 debut on Shanghai’s STAR Market, Mabwell (Shanghai) Bioscience Co. Ltd. is aiming to raise up to HK$1.44 billion (US$184.78 million) in an IPO on the Hong Kong Stock Exchange to advance its Nectin4-targeting antibody-drug conjugate (ADC) 9MW-2821 (bulumtatug fuvedotin).

Kailera Therapeutics Inc.’s “obesity-first” approach continues to resonate with investors, with the company pricing an upsized IPO, offering 39 million shares at $16 apiece for gross proceeds of $625 million. Full exercise of the underwriters’ option could add another $93.8 million, bringing the total to nearly $719 million, easily topping Sana Biotechnology Inc.’s $675.6 million 2021 IPO and setting a new record for U.S. biopharma IPOs, according to BioWorld data.

Total med-tech financings reached $8.81 billion in the first quarter (Q1) 2026, a 6% decline from $9.33 billion in Q1 2025 but well above the post-downturn lows of recent years. The 2026 total exceeds $6.45 billion in Q1 2024 and $4.69 billion in Q1 2023, indicating continued recovery from the weaker funding environment that followed the 2021 peak. While still below the $16.59 billion recorded in Q1 2019 and the pandemic-era highs, the data suggest that financing activity has stabilized at a higher baseline, with 2026 maintaining momentum despite a slight year-over-year pullback.

Total biopharma financings reached $22.82 billion in the first quarter (Q1) 2026, rising about 74% from $13.12 billion in Q1 2025 but declining 31% from $33.16 billion in Q4 2025. The strong start places 2026 well above the subdued levels seen from 2022 through 2025, though is still below the highs of $38.35 billion in Q1 2021 and $47.25 billion in Q1 2024. Overall, the data indicate a meaningful rebound in financing activity to begin 2026, following a more uneven 2025.

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.