Week of June 12, 2026

The Week at a Glance:

• SpaceX IPO Makes History: SpaceX’s historic $75B IPO valued the Company at $1.8T, marking the largest IPO to date and underscoring robust capital markets activity

• Pancreatic Cancer Innovation Makes Another Headline: Tango Therapeutics reported an unprecedented 92% ORR for vopimetostat plus daraxonrasib in a Phase 1/2 study in 2L/3L PDAC, supporting a $600M upsized follow-on offering

• Biotech M&A and Licensing Activity Remains Active:

  • GSK Makes a Bold Move Within Oncology: GSK agreed to acquire Nuvalent for $10.6B, marking its largest acquisition in more than a decade and underscoring its ambition to expand in oncology, which accounted for just 6% of the Company’s 2025 sales

  • J&J and Incyte Further Bolstered Last Week’s M&A Activity: J&J agreed to acquire Firefly Bio, a company with a pan-KRAS and degrader antibody conjugate platform, for $1B, while Incyte announced its acquisition of Phase 3 VWD-focused Vega Therapeutics for up to $2B

  • Roche Makes a Sizable Bet on Degraders: Roche entered a global collaboration with Nurix for BTK degrader bexobrutideg, including $700M upfront and up to $1.6B in milestones, with Roche covering 60% of development costs and the companies splitting US profits and losses

• Largest Biotech IPO on Record: Parabilis raised $770.5M in its IPO, surpassing the prior biotech record set by Kailera Therapeutics earlier this year, with proceeds supporting its Phase 3 desmoid tumor asset and Helicon platform 

   

Markets Overview

The S&P 500, Nasdaq, and Dow were up 0.6%, 0.7%, and 0.7%, respectively, over the last week

• The record-breaking SpaceX IPO demonstrated strong investor risk appetite and willingness to fund high-growth, capital-intensive businesses, contributing to a broader improvement in sentiment across equity markets

The NYSE Pharma Index and NBI were up 0.6% and 1.7%, respectively

Notable changes in share price:

• Tango Therapeutics (NASDAQ: TNGX): Shares rose 53.0% after Tango reported that vopimetostat, its PRMT5 inhibitor, achieved a 92% ORR and 90% 6-month PFS rate in combination with daraxonrasib in a Phase 1/2 study in 2L/3L PDAC

Sources: Pitchbook, Biomedtracker, and CapIQ

Equity Markets

IPO

• Parabilis Medicines raised $770.5M in its upsized IPO to advance zolucatetide through clinical development in desmoid tumors and other Wnt/β-catenin-driven tumors, while supporting its broader Helicon platform pipeline

• Eloxx Pharmaceuticals raised $66M in a public offering alongside its Nasdaq uplisting to advance its nonsense mutation readthrough platform, led by exaluren in Phase 2b for nonsense mutation Alport syndrome

IPOs priced in 2025 and 2026 have generated a median and average return of 18.1% and 21.1% YTD, respectively

After-Market Performance by Stage

• Clinical-stage after-market performance (N=18): 35.0% (average), 21.8% (median)

• Commercial-stage after-market performance (N=24): 7.8% (average), 10.0% (median)

After-Market Performance by Sector

• Biopharma (N=18): 35.0% (average), 21.8% (median)

• MedTech (N=23): 1.7% (average), (3.5%) (median)
  

Follow On

Follow-on activity was led by Tango Therapeutics who reported strong results in 2L/3L pancreatic cancer, with Enliven also raising sizable amount after positive clinical data from their selective BCR::ABL inhibitor

There were five follow-on equity offerings totaling approximately $1.4B this week

• Enliven Therapeutics, Inc. (NASDAQ: ELVN) announced a $400M upsized underwritten public offering of common stock and pre-funded warrants to support continued discovery and development of small molecule therapeutics

• Humacyte, Inc. (NASDAQ: HUMA) announced a $47M public offering to support commercialization of Symvess, a planned BLA supplement filing in a hemodialysis indication, pipeline development, and general corporate purposes

• Shattuck Labs, Inc. (NASDAQ: STTK) announced a $70.5M public offering to advance ongoing and planned clinical trials, develop additional product candidates, and support working capital needs

• IDEAYA Biosciences, Inc. (NASDAQ: IDYA) announced a $282M offering of common stock and pre-funded warrants to support development of its precision oncology pipeline and broader cancer therapeutics platform

• Tango Therapeutics, Inc. (NASDAQ: TNGX) announced a $600M upsized public offering to fund research and development, pivotal trial activities, potential commercialization preparation, and general corporate purposes for its precision oncology pipeline

PIPE/RDO Markets:

There were four PIPEs / RDOs last week raising an aggregate of $80.5Ms

Licensing

Licensing activity concentrated around oncology and immunology assets, AI-enabled discovery platforms, and regional commercialization agreements

• Roche’s up to $2.3B collaboration with Nurix for bexobrutideg, a brain-penetrant BTK degrader for relapsed or refractory B-cell malignancies and potential neurology / immunology indications, and Novartis’ up to $1.4B molecular glue collaboration with Orionis highlight continued strategic interest in targeted protein modulation and platform-based drug discovery

• Additional activity centered on CNS and neurology commercialization, including Arrotex’s Australia / New Zealand rights to Xcopri and Lilly’s global license to AlzeCure’s Alzheimer’s program, while AI and human biology-driven discovery deals involving XtalPi, Verge / Tenacia, and Engitix / GSK reinforced demand for enabling platforms that can identify and validate high-confidence therapeutic targets

M & A

M&A activity this week was driven by GSK’s planned $10.6B acquisition of Nuvalent and continued strategic interest in oncology, hematology, and platform-driven biopharma consolidation.

• GSK agreed to acquire Nuvalent for $10.6B in cash, adding a pipeline of targeted cancer therapies and marking the largest disclosed transaction of the week

• Additional activity included Incyte’s up to $2B acquisition of Vega Therapeutics to expand into bleeding disorders, Johnson & Johnson’s $1B acquisition of Firefly Bio, and reverse merger activity involving Adial / Azora, Guard / Disruptive Pharma, and Standard BioTools / Treeline, highlighting continued use of stock-based combinations to advance private therapeutic platforms through public-market structures

Venture Financing

The largest venture financings this week focused on genomics, cholesterol trafficking biology, genetic medicine delivery, and thyroid disease, underscoring continued investor appetite for clinically differentiated platforms with clear translational and commercial potential

• The largest raises included Element Biosciences’ $175M upsized Series E, supporting commercialization of its genomic and multiomic solutions across research, translational science, and diagnostics, and Beren Therapeutics’ $135M equity financing, highlighting investor interest in rare disease

• Venture financing also supported ultrasound-mediated genetic medicines, RNAi therapeutics, thyroid autoimmunity, diabetes device commercialization, neuro-oncology medtech, dermal repair, exosome-based regenerative medicine, and aging-related gene therapy, highlighting broad investor demand across therapeutics, medtech, and life science tools