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

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%

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

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

M & A

Venture Financing

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