Week of June 6, 2025

The Week at a Glance:

• Positive Jobs Report Fuels Rally: The three major US indices ended the week up on average of ~1.6%, primarily due to a better-than-expected May jobs report

• Buyers Continue to Focus on Commercial Targets: Sanofi paid $9.5B to acquire Blueprint Medicines’ late-stage rare immunology portfolio, continuing a key trend in M&A this year

• Digital Health IPOs Remain in Vogue: Omada Health, a virtual chronic care company, raised $150.1M in its IPO on Friday, marking the second digital health IPO this year and continued momentum for tech IPOs

• PD-1 x VEGF Space Shows No Signs of Slowing Down: Just one week after Pfizer joined the race through its deal with 3SBio, BMS entered into the largest licensing deal this year with BioNTech for its Phase 2 BNT327 asset for $11.1B ($1.5B upfront)

• BIO 2025: The Back Bay and DNB team will be at BIO this year in Boston from June 16-19, we look forward to connecting with you at our booth

  Meet us in Boston at BIO 2025: DNB//Back Bay will be at BIO International Convention in Boston from June 16-19, 2025. If you would like to schedule a meeting with our strategy and finance teams or learn about our welcome breakfast for Nordic healthcare companies, contact us.

Markets Overview

• The S&P 500, Nasdaq, and Dow ended the week up 1.5%, 2.2%, and 1.2%, respectively, driven by a promising jobs report and hope that a trade deal would come out of the US meeting with China in London next week

  • US employers added 139,000 jobs in May, less than the 147,000 jobs in April but still more than expectations

  • President Trump announced that key representatives from the US and China will meet in London on Monday to discuss trade

Healthcare indices performed well last week with the NBI and NYSE Pharma Index up 4.3% and 2.1%, respectively

Notable changes in share price:

• Kymera Therapeutics (NASDAQ: KYMR): Shares ended the week up 17.6% following encouraging results from a Phase 1 trial of its experimental drug KT-621 targeting dermatitis and asthma

• Omada Health (NASDAQ: OMDA): Shares finished up 21.1% on the Company’s debut on the Nasdaq on Friday

Sources: Pitchbook, Biomedtracker, and CapIQ

Equity Markets

IPO Markets:

Omada Health (NASDAQ: OMDA) completed its initial public offering, raising ~$150M, the second IPO in the digital health space this year

• Funds will be used to continue expanding its virtual care programs, targeting diabetes, hypertension, and musculoskeletal conditions

• Notably, Omada offers a program to enable employers to provide GLP-1 drugs with greater ease to patients who need to manage obesity

No companies filed to go public last week:

21 companies in total remain in the queue, of which only two intend to raise more than $30.0M in proceeds

• Of these, eight companies filed between Q4 2024 and today

Year-to-date, companies that have gone public in 2025 have delivered an average return of -0.5% and a median return of 9.0%

Follow-On Offering Markets:

There were 10 follow-on offerings last week totaling $615.3M, with only one deal over $30.0M:

• Trevi Therapeutics (NASDAQ: TRVI) raised $115.06M in a follow-on equity offering to continue development of its pipeline of therapies for chronic cough in patients with idiopathic pulmonary fibrosis (IPF) and non-IPF interstitial lung disease
  
  

PIPE/RDO Markets:

• There were four PIPEs/RDOs the past week totaling $115.1M in proceeds, with the majority from Alvotech’s $78.2M PIPE to upscale R&D efforts following its acquisition of Xbrane’s R&D operations and biosimilar program

  • DNB Carnegie acted as a joint global coordinator and joint bookrunner for Alvotech’s private placement

Licensing

M & A

Venture Financing

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