After 118 years as a private company, dermatology specialist Leo Pharma A/S is poised to complete an IPO after reporting a full-year net profit for the first time since 2018.

After a prolonged downturn, the med-tech IPO market rebounded in 2025, with deal value surging to $13.01 billion across 31 offerings. The recovery followed two muted years, with just $619 million raised in 2024 and a low-point of $110 million in 2023.

Insight Lifetech Co. Ltd. listed on the Shanghai Stock Exchange’s STAR market via an unprofitable biotech track reinstated last year, with the Feb. 5 IPO raising ¥998.64 million (US$143.93 million).