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.

The BioWorld Cancer Index closed 2025 up 72.35%, outpacing gains in the Nasdaq Biotechnology Index (up 32.4%) and the Dow Jones Industrial Average (up 12.97%). The year featured standout gains, led by Terns Pharmaceuticals Inc., which surged 620%.

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.

China’s State Council updated its Drug Administration Law, and the changes mark a substantive evolution in the country’s drug regulatory framework.