Week of August 7, 2026

The Week at a Glance:

• Macro Data Supports a Broader Rally: A weaker-than-expected jobs report pushed yields lower and drove a broad risk-on rally, with biotech outperforming pharma as investors reduced expectations for further Fed tightening

• Biotech IPO Window Broadens with $1.2B Raised Across Four Offerings: Attovia, Braveheart Bio, BlossomHill and Latigo all priced IPOs, demonstrating that the 2026 reopening has broadened across therapeutic areas and development stages

• Strategic Buyers Double Down on Core Healthcare Franchises: Curium’s approximately $8B acquisition of Lantheus and Tarsus’ up-to-$800M acquisition of Alkeus reinforce continued appetite for transactions that deepen established positions in radiopharma and ophthalmology

• Private Equity Continues Large-Scale Deployment into Healthcare Infrastructure:KKR’s approximately $5.7B take-private of Integer extends a wave of sponsor investment into scaled, cash-generative MedTech and healthcare

   

Markets Overview

The S&P 500, Nasdaq and Dow were up 3.6%, 5.2% and 3.0% respectively over the last week

• Big Tech earnings underscored rising AI demand, oil prices fell, and concerns over additional Fed tightening eased, supporting equities to trade higher on the week

The NYSE Pharma Index and NBI were up 0.7% and 5.1%, respectively, though no individual companies experienced notable share price movements

Sources: Pitchbook, Biomedtracker, and CapIQ

Equity Markets

IPO

There were four biotech IPOs that priced last week:

• Attovia Therapeutics raised $289.0M in its IPO to support ongoing Phase 1 development of ATTO-1310 in chronic pruritus and high-itch atopic dermatitis, while advancing preclinical / IND-enabling ATTO-2306 for atopic dermatitis and other inflammatory skin diseases and preclinical ATTO-1091 for IBD

• Braveheart Bio raised $382.5M in its IPO to advance BHB-1893 into a Phase 3 for both obstructive and non-obstructive hypertrophic cardiomyopathy

• BlossomHill Therapeutics raised $150.0M in its IPO to continue the Phase 1/2 development of BH-30643 in EGFR-mutant NSCLC and prepare for a potential registrational Phase 2 trial, while advancing Phase 1 BH-30236 in relapsed / refractory AML and high-risk MDS

• Latigo Biotherapeutics raised $346.0M in its IPO to initiate Phase 3 development of LTG-001 for moderate-to-severe acute pain, including postoperative pain, and advance LTG-321 through its ongoing Phase 2 trial in knee osteoarthritis / chronic musculoskeletal pain

IPOs priced in 2025 and 2026 have generated a median and average return of 23.0% and 39.8% YTD, respectively

After-Market Performance by Stage

• Clinical-stage after-market performance: 58.2% (average), 22.9% (median)

• Commercial-stage after-market performance: 21.4% (average), 23.0% (median)

After-Market Performance by Sector

• Biopharma: 58.2% (average), 22.9% (median)

• MedTech: 16.1% (average), 14.9% (median)

  
  

Follow On

There were 2 follow-on offerings totaling approximately $308.7M this week

Twist Bioscience (NASDAQ: TWST) priced an upsized $300M public offering, with gross proceeds of up to $345M if the underwriters' option is exercised in full, to fund R&D, expand manufacturing capacity and product offerings, and support working capital across its silicon-based synthetic DNA platfo

PIPE/RDO

There were 2 PIPEs / RDOs announced last week, representing aggregate proceeds of $15.0M

Licensing

Chinese biopharma assets continue to drive licensing transaction activity, with the week’s largest deal centered on Alphamab Oncology’s bispecific ADC

M&A

Big-ticket M&A remains active, with acquirers prioritizing transactions that strengthen core business franchises, while PE sponsors continue to deploy significant capital across healthcare

Venture Financing

Recent financing deals spanned a broad range of healthcare verticals, with investors backing differentiated assets across development stages and sizable capital flowing to Phase 2–3 programs