Week of March 13, 2026

The Week at a Glance:

• US-Iran Conflict Continues to Weigh on Markets: Investors are increasingly worried that oil prices could remain elevated for longer than previously anticipated, intensifying inflationary pressures

• Strong Data Continues to Get Rewarded: Xenon, Dianthus, and Relmada all reported strong clinical data and subsequently raised $747.5M, $719.0M, and $160.0M, respectively, continuing the trend of strong capital markets activity within the healthcare sector

• MedTech M&A Stays Hot: Biocare Medical’s $950.0M acquisition by Agilent and Scientia Vascular’s $550.0M acquisition by Medtronic underscore the continued strength of MedTech M&A activity following a robust 2025

   

Markets Overview

The S&P 500, Nasdaq, and Dow were down (2.4%), (2.6%), and (2.5%), respectively

• Investors expect oil prices to remain elevated, raising concerns about broader macroeconomic effects, including pressure on consumer spending and inflation

The NBI and NYSE Pharma Index were down (3.1%) and (1.6%), respectively

Notable changes in share price:

• Relmada Therapeutics (NASDAQ: RLMD): Shares jumped 32.8% after the Company announced strong interim 12-month Phase 2 data in non-muscle invasive bladder cancer and a subsequent $160.0M PIPE

• Xenon Pharmaceuticals (NASDAQ: XENE): Shares rose 22.9% after the Company announced positive data from their Phase 3 in focal onset seizures and a subsequent $747.5M follow-on offering

• Dianthus Therapeutics (NASDAQ: DNTH): Shares rose 23.4% after the Company announced positive data from their Phase 3 in chronic inflammatory demyelinating polyneuropathy and a subsequent $719.0M follow-on offering

Sources: Pitchbook, Biomedtracker, and CapIQ

Equity Markets

No companies completed an IPO or filed an S1 last week

All 24 additional companies in the IPO queue are pursuing raises below $40.0M

IPOs priced in 2025 and 2026 have generated a median and average return of (11.5%) and 14.0% YTD, respectively. Half of newly public companies are trading above their offer price

After-Market Performance by Stage

• Clinical-stage after-market performance (N=15): 22.6% (average), 4.5% (median)

• Commercial-stage after-market performance (N=24): 8.7% (average), (12.4%) (median)

After-Market Performance by Sector

• Biopharma (N=17): 17.0% (average), (5.2%) (median)

• MedTech (N=23): 11.7% (average), (12.4%) (median)

Follow-On Offering Markets:

There were five follow-on equity offerings totaling $1.5B last week, including:

• Xenon Pharmaceuticals (NASDAQ: XENE) raised $747.5M after the company announced positive topline data from their Phase 3 in focal onset seizures

• Dianthus Therapeutics (NASDAQ: DNTH) raised $719.0M after announcing positive clinical data from their Phase 3 trial in chronic inflammatory demyelinating polyneuropathy; raised proceeds are to help fund clinical development and commercial readiness activities

• Coherus Oncology (NASDAQ: CHRS) raised $50.1M to support the ongoing commercialization of LOQTORZI, to continue clinical development of its product candidates, and for working capital and other general corporate purposes

PIPE/RDO Markets:

There were seven PIPEs/RDOs last week raising an aggregate of $380.3M, including:

• Relmada Therapeutics announced an oversubscribed $160.0M PIPE to support the development of NDV-01, a sustained-release, intravesical formulation of gemcitabine and docetaxel for bladder cancer, and sepranolone, an allopregnanolone inhibitor for Tourette syndrome. The PIPE included participation from Venrock Healthcare Capital Partners, Commodore Capital, Janus Henderson Investors, RA Capital Management, Balyasny Asset Management, OrbiMed, Spruce Street Capital, Squadron Capital Management, Columbia Threadneedle Investments, Adage Capital Management, Marshall Wace, Braidwell, Great Point Partners, and Eventide Asset Management

• Korro Bio announced an oversubscribed $85.0M PIPE to support the development of KRRO-121 for hyperammonemia in patients with urea cycle disorders and their GalNAc-conjugated oligonucleotide intended for patients with alpha-1 antitrypsin deficiency. The PIPE was led by Venrock, with participation from new and existing investors, including ADAR1 Capital Management, Affinity Asset Management, Balyasny Asset Management, Driehaus Capital Management, Kalehua Capital, Lynx1 Capital Management, Nantahala Capital, and New Enterprise Associates

Licensing

M & A

Venture Financing

CONNECT with the Authors >>