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.

Annual biopharma financing values have fluctuated significantly over the past seven years, peaking during the pandemic-era surge in 2020 and 2021 before retreating in 2022. After rebounding to more than $102 billion in 2024, total financings declined in 2025 to $81.21 billion. Monthly totals in the year ranged from just under $3 billion (February and April) to more than $13.68 billion in October. December financings totaled $9.08 billion, comparable to November’s $10 billion collective raise.

Radiopharma-focused Aktis Oncology Inc. priced its recently upsized IPO, selling 17.65 million shares at $18 apiece, the high end of its pricing range, raising gross proceeds of $318 million, a hopeful sign that 2026 might signal an opening of the IPO window for biopharma.

Med-tech financing activity rebounded sharply in 2025, with total reported capital raised climbing to $39.55 billion, nearly doubling from $25.35 billion in 2024 and approaching pre-pandemic norms. The increase was driven largely by a surge in IPO activity, which reached $13.01 billion. In December, financing value reached $8.23 billion across 36 transactions, up from $4.73 billion in November.

Surgical robotics maker Shenzhen Edge Medical Co. Ltd. reported its initial public offering on the Hong Kong Stock Exchange to raise HKD$1.19 billion (US$154 million) to advance its pipeline of surgical robotic systems and expand its geographic footprint to markets outside China.

IPOs top the list of the big stories in 2025 in med tech. Thirty med-tech companies went public, raising nearly $12 billion, two orders of magnitude more than in 2023 and almost 20 times more than raised in 2024.

Asia, led by China, is no longer just following global pharma trends. It is helping to shape them, and for investors, innovators and policymakers, the question is no longer whether to engage with Asia, but how to engage wisely in this new, more complex world.

Hanx Biopharmaceuticals (Wuhan) Co., Ltd. raised HK$586 million (US$75.37 million) in its IPO on the Hong Kong Securities Exchange (HKEX:3378) on Dec. 23 to advance its clinical stage immuno-oncology pipeline.