Week of January 9, 2026

The Week at a Glance:

• Labor markets show mixed signals: December jobs data showed a slightly lower than expected unemployment rate at 4.4%, but job growth came in lighter than anticipated at 50,000

• Early into 2026, we’re seeing strong biotech transaction activity: Deal activity for the week included Lilly’s ~$1.2B acquisition of Ventyx Biosciences, rumors that Merck may acquire Revolution Medicines for $28B–$32B, and eight licensing deals with total values above $100M

• The biotech financing environment remains strong: Financing activity included $2.1B in follow-on offerings across eight deals, five mega-round venture financings, and Aktis Oncology raising $318M in the first biotech IPO of 2026 – marking that the window for clinical-stage IPOs may be opening

Markets Overview

The S&P 500, Nasdaq, and Dow were up 1.6%, 1.9%, and 2.3% respectively on the week

• 2026 began with strong capital markets activity, as heightened investor demand drove the busiest week of corporate bond issuance since the Covid pandemic and pushed borrowing costs to their lowest levels since the global financial crisis

The NYSE Pharma Index and NBI were up 0.6% and 1.9% respectively

Notable changes in share price:

• Alumis (NASDAQ: ALMS): Shares rose 118.3% after the Company reported positive Phase 3 data in moderate-to-severe plaque psoriasis and subsequently raised $345M

• Monte Rosa Therapeutics (NASDAQ: GLUE): Shares jumped 60.1% after the Company released positive Phase 1 data from their NEK-7-directed molecular glue degrader program and subsequently announced a proposed $300M follow-on offering

• Enliven Therapeutics (NASDAQ: ELVN): Shares rose 65.7% after the Company released positive Phase 1b data in CML with their selective active site TKI

Sources: Pitchbook, Biomedtracker, and CapIQ

Equity Markets

IPO Markets:

One company completed an IPO last week:

• Aktis Oncology (NASDAQ: AKTS) raised ~$317.7M to advance its radiopharmaceutical pipeline, including Ac-AKY-1189, a Phase 1b Actinium-based asset targeting Nectin-4-expressing solid tumors (e.g., bladder, breast, colorectal cancers) and AKY-2519, an Actinium-based asset targeting B7-H3 positive tumors (e.g., prostate, lung)

One company announced plans to publicly list last week:

• Eikon Therapeutics plans to raise ~$300.0M to advance clinical development of its oncology pipeline assets, which include:

  • EIK1001, a Phase 2/3 TLR 7/8 dual agonist in pivotal trials for advanced melanoma and non-small cell lung cancer

  • EIK1003, a Phase 1 PARP1 inhibitor for breast, ovarian, prostate, and pancreatic cancers

  • EIK1004, a Phase 1 CNS-penetrant PARP1 inhibitor targeting brain cancers

  • EIK1005, a Phase 1 WRN-helicase inhibitor for MSI-high solid tumors

  • EIK1006, an androgen receptor (AR) targeting asset currently in preclinical development for prostate cancer

Only one company in the IPO queue is targeting a raise nearing ~$300M:

1/9/2026
Eikon Therapeutics  ~$300.0 Intended Raised

20 remaining additional companies in the IPO queue are pursuing raises below $40M, with one additional company (MiniMed Group) not yet disclosing its intended raise amount

IPOs that have priced in 2025 have delivered a median gain of 11.8%, with ~60% of newly public companies trading above their offer price

Follow-On Offering Markets:

There were eight follow-on equity offerings last week totaling ~$2.1B, including:

• Praxis Precision Medicines (NASDAQ: PRAX) raised $575.0M to support late-stage clinical development and commercialization readiness for its CNS portfolio, including relutrigine in developmental and epileptic encephalopathies, ulixacaltamide in essential tremor, and vormatrigine in focal onset seizures and generalized epilepsy

• Crinetics Pharmaceuticals (NASDAQ: CRNX) raised ~$350.1M to commercial launch for PALSONIFY (paltusotine) for acromegaly, as well as earlier-stage oral therapeutics for rare endocrine diseases such as congenital adrenal hyperplasia, and ACTH-dependent Cushing’s syndrome

• Alumis Inc. (NASDAQ: ALMS) raised ~$300.1M to support an NDA regulatory filing for envudeucitinib (envu), a TYK2 inhibitor in Phase 3 studies for moderate-to-severe plaque psoriasis and Phase 2 studies for systemic lupus erythematosus, as well as clinical development of lonigutamab, a IGF-1R-targetting therapy for thyroid eye disease

• Monte Rosa Therapeutics (NASDAQ: GLUE) raised ~$300.0M to advance clinical development of its targeted protein degradation pipeline, including the Phase 1 / 2 MRT-8102 program in chronic inflammatory diseases such as atherosclerotic cardiovascular disease

• Arrowhead Pharmaceuticals (NASDAQ: ARWR) raised ~$200.0M to advance development of its RNAi therapeutics portfolio, including plozasiran for severe hypertriglyceridemia and dyslipidemia, and additional liver-targeted RNAi programs, as well as prepay loans under a credit facility

• Bright Minds Biosciences (NASDAQ: DRUG) raised ~$175.1M to advance clinical development of its next-generation neuropsychiatric therapeutics, including BMB-101, a Phase 2 5-HT2C agonist for absence seizures and other CNS disorders

• Phathom Pharmaceuticals (NASDAQ: PHAT) raised ~$130.0M to support commercialization and lifecycle management of its GI portfolio, including VOQUEZNA (vonoprazan) for erosive GERD and H. pylori infection, and to strengthen its balance sheet

PIPE/RDO Markets:

There were three PIPE/RDOs last week totaling ~$160.0M, including:

• Century Therapeutics (NASDAQ: IPSC) raised $135.0M led by TCGX to fund the development of its lead candidate CNTY-813, a potentially curative beta islet cell program for Type 1 diabetes, which is currently in IND-enabling studies

Licensing

In 2025, there were 207 licensing deals with upfronts totaling $17.2B and milestone payments totaling $125.0B, compared to 222 licensing deals with upfronts totaling $13.6B and milestone payments totaling $129.1B in 2024

M & A

Venture Financing

CONNECT with the Authors >>