Biopharma financings from January through September 2025 totaled $47.1 billion, a sharp decline from 2024’s $86.7 billion during the same period and well below the highs of 2020 and 2021. The slowdown was driven largely by weaker follow-on activity, which brought in $12.9 billion compared to more than $40 billion last year.

Genfleet Therapeutics (Shanghai) Inc. debuted on the Hong Kong Stock Exchange on its second attempt at an IPO, raising HK$1.819 billion (US$234 million). Genfleet’s shares (HKEX:2595) rose to HK$44.00 at the opening bell on Sept. 19 and closed at HK$42.10, about 106% higher than the listing price.

Genfleet Therapeutics (Shanghai) Inc. debuted on the Hong Kong Stock Exchange on its second attempt at an IPO, raising HK$1.819 billion (US$234 million). Genfleet’s shares (HKEX:2595) rose to HK$44.00 at the opening bell on Sept. 19 and closed at HK$42.10, about 106% higher than the listing price.

On the heels of the announcement of German bionics developer Ottobock SE KGaA's pending IPO and more than 20 med-tech IPOs completed to date in 2025, four other med-tech companies spanning three continents queued up to go public on four exchanges, potentially signaling an active fall for med techs worldwide.

German bionics leader Ottobock SE & KGaA plans to list on the Frankfurt Stock Exchange by the end of the year in an IPO targeting gross proceeds of €100 million (US$117.7 million). Ottobock would be the fourth European company to go public this year, a good sign for the European med-tech market, which had not seen any since the first half of 2022.

Med-tech financings reached $20.21 billion in the first eight months of 2025, on par with the same period last year ($20.26 billion) and showing a strong recovery from the sector’s recent low in 2023 ($13.71 billion). The 2025 total is still well below the record-setting levels of 2020 ($41.83 billion) and 2021 ($38.72 billion).

Biopharma financing activity has continued to remain low compared to the highs seen in recent years, with a total of $39.83 billion raised across IPOs, follow-on offerings, public/other and private financings in the first eight months of 2025.

Although 2024 showed signs of recovery, 2025 is once again reflecting an IPO slowdown, with global biopharma IPO proceeds in the first seven months of the year falling to their lowest level since 2016.

Biopharma financing activity has continued to remain low compared to the highs seen in recent years, with a total of $39.83 billion raised across IPOs, follow-on offerings, public/other and private financings in the first eight months of 2025.