Week of June 20, 2025
The Week at a Glance:
Markets Finish Flat: The three major US indices traded sideways during the week as investors digested continued geopolitical tensions in the Middle East, along with the Federal Reserve’s decision to not cut rates
Lilly’s Buying Spree: Just three weeks after Lilly paid $1.0B to acquire SiteOne Therapeutics, Eli Lilly has made headlines again through the acquisition of the gene editing and cardiovascular disease focused Verve Therapeutics for up to $1.3B
IPOs Continue to Favor Commercial Stage: Caris Life Sciences, a developer of AI-based genomics technology for diagnosis, raised an oversubscribed $494.1M IPO, marking the second largest healthcare IPO YTD and the 11th commercial IPO (out of 17 IPOs total)
Markets Overview
The Nasdaq ended the week up 0.2%, the Dow finished at 0.0%, and the S&P 500 had a loss of 0.2%
The Federal Reserve announced that rates will be kept steady at range between 4.25%-4.5%, despite cooling inflation data and pressure from President Trump
Investors were given hope for a rate cut on Friday when Federal Reserve Governor Christopher Waller said that the central bank could lower rates as early as July
NYSE Pharma % Change Tensions continue in the Middle East with US involvement over the weekend
Healthcare indices underperformed the broader market last week with the NBI and NYSE Pharma Index down 2.0% and 5.0%, respectively
Notable changes in share price:
Sarepta Therapeutics (NASDAQ: SRPT): Shares plummeted 45.7% by the end of the week after the Company reported a second death of a patient taking its Duchenne muscular dystrophy treatment Elevidys
Grail (NASDAQ: GRAL): Stock finished up 11.3% based on results from its PATHFINDER 2 study showing “substantially greater
Sources: Pitchbook, Biomedtracker, and CapIQ
Equity Markets
Source: CapIQ
IPO Markets:
Caris Life Sciences completed its IPO, raising $494.1M to further development and continue commercialization of its AI-based genomics technology, designed to enhance precision diagnostics and therapeutic decision-making
20 companies in total remain in the queue, none of which intend to raise more than $30.0M in proceeds
Of these, seven companies filed between Q4 2024 and today
Year-to-date, companies that have gone public in 2025 have delivered an average return of 2.5%
Source: CapIQ
Follow-On Offering Markets:
There were nine follow-on offerings last week totaling $80.1M, with one deal over $30.0M:
Biomea Fusion has raised $38.9M to support Phase 2b development of icovamenib for type 2 diabetes, and IND filing / clinical advancement of BMF-650, an oral GLP-1 receptor agonist for obesity and diabetes
Source: Biomedtracker
PIPE/RDO Markets:
There were two PIPEs/RDOs last week totaling $207.5M
Crescent Biopharma completed a reverse merger with GlycoMimetics and subsequently raised a $200.0M PIPE led by Fairmount, Venrock Healthcare Capital Partners, and BVF Partners to fund first-in-human trials for its PD-1 x VEGF bispecific antibody and pipeline of novel ADCs
Licensing
Sources: Pitchbook, Biomedtracker, and CapIQ
Sources: Pitchbook, Biomedtracker, and CapIQ
M & A
Sources: Pitchbook, Biomedtracker, and CapIQ
Venture Financing
Sources: Pitchbook, Biomedtracker, and CapIQ
Sources: Pitchbook, Biomedtracker, and CapIQ
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