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.
Kazia Therapeutics Ltd. raised AU$50 million (US$33.15 million) in a private placement of equity securities to advance lead candidate paxalisib, a brain-penetrant dual PI3K/mTOR inhibitor in clinical trials for brain cancer and advanced breast cancer.
Laigo Bio BV has raised €11.5 million (US$13.7 million) in a seed round for the further development of a new approach to inducing targeted protein degradation by E3 ubiquitin ligases.
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.
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