Week of August 28, 2026
The Week at a Glance:
Revolution Medicines Converts RAS Innovation into a Commercial Oncology Franchise: FDA approved Rasonque, marking the first RAS inhibitor approved, for metastatic pancreatic cancer more than six months ahead of schedule, validating broad RAS inhibition as a new therapeutic class and moving Revolution Medicines into commercial-stage oncology
Moderna Capitalizes on Clinical Re-Rating with $2.6B Convertible: Following its 177% one-day rally on positive Phase 3 melanoma-vaccine data, Moderna upsized a zero-coupon convertible from $2.0B to $2.6B, using the clinical value inflection to lock in long-duration capital while limiting near-term dilution
Large Pharma Pays for Next-Generation Improvements to Proven Modalities: Genentech committed up to $2.3B for Hanmi’s muscle-preserving UCN2 obesity program and more than $1B for DualityBio’s novel ADC-payload platform, reinforcing strategic demand for technologies designed to improve on already validated therapeutic classes
Markets Overview
Headline indices advanced despite deteriorating breadth, as mega-cap technology gains offset weakness in small caps and healthcare; Jackson Hole commentary late in the week revived expectations for additional Fed tightening
The S&P 500, Nasdaq, and Dow were up 0.5%, 0.8%, and 0.5%, respectively, over the last week
· NVIDIA’s strong earnings and outlook reaffirmed robust AI demand, driving a tech-led rally that supported broader market gains and modest Nasdaq outperformance
The NYSE Pharma Index and NBI were down 3.3% and 2.3%, respectively, over the last week
There were no notable share price movements last week
Sources: Pitchbook, Biomedtracker, and CapIQ
Equity Markets
IPO
Primary issuance paused following several weeks of heavy biotech capital formation, while YTD aftermarket returns remained strong
Last week, there were no IPOs or S-1s filed
IPOs priced in 2025 and 2026 have generated a median and average return of 21.9% and 37.4% YTD, respectively.
After-Market Performance by Stage:
Clinical-stage after-market performance: 40.7% (average), 13.2% (median)
Commercial-stage after-market performance: 34.1% (average), 21.9% (median)
After-Market Performance by Sector:
Biopharma: 40.7% (average), 13.2% (median)
MedTech: 30.4% (average), 20.1% (median)
Source: CapIQ
Follow On
There were no follow-on offerings last week
Source: Biomedtracker
PIPE/RDO
There was one PIPE last week totaling $14M
Licensing
Cross-Border Licensing Continues to Substitute for M&A as Pharma Sources Innovation Globally
Sources: Pitchbook, Biomedtracker, and CapIQ
Sources: Pitchbook, Biomedtracker, and CapIQ
M&A
No conventional M&A was announced, but more than $5B of headline licensing value demonstrates that strategic capital deployment remained active through partnership structures
Venture Financing
There were no VC financings last week
The Case for a New Generation of Oral Therapies in Inflammatory Bowel Disease
Back Bay Life Science Advisors and Nimbus Therapeutics
Despite advances in the treatment of inflammatory bowel disease (IBD), many patients with moderate-to-severe ulcerative colitis (UC) and Crohn’s disease continue to experience inadequate disease control with available biologics and targeted therapies.
HEALTHCARE MARKET REPORTS ARCHIVE
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April 17, 2026
April 24, 2026 -
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CONNECT with the Authors >>
GREG BENNING
Partner, Managing Director, Head of Investment Banking
VASILIOS KOFITSAS
Partner, Managing Director, Investment Banking
JOHN ROGERS
Associate, Investment Banking
CRYSTAL HSU
Director, Investment Banking
ALEXA GILBERT
Analyst
About DNB Carnegie Back Bay
DNB Carnegie Back Bay drives global healthcare growth and innovation by providing a full range of strategic advisory and financing capabilities along the continuum of life science and healthcare company development. The DNB Carnegie Back Bay Healthcare Partnership is a marketing term referring to a strategic agreement between DNB Markets, Inc. and Back Bay Life Science Advisors. More information about the DNB Carnegie Back Bay Healthcare Partnership can be found here.
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