Week of January 16, 2026

The Week at a Glance:

• PD-1/VEGF and China in-licensing remains a dominant theme: AbbVie signed an exclusive ex-China licensing deal with RemeGen for its Phase 2 PD-1/VEGF bispecific antibody RC148, paying $650M upfront plus up to ~$5B in milestones to further expand its oncology pipeline

• Commercial MedTech M&A activity continues: Boston Scientific agreed to acquire Penumbra in a ~$14.5B cash-and-stock transaction to expand its vascular and neurovascular device footprint and deepen exposure to the fast-growing thrombectomy market

• Questions around Fed independence are reignited: The Department of Justice is investigating the Federal Reserve Chair Jerome Powell over renovations to the Fed’s headquarters, which has reignited concerns surrounding Fed independence

• Transatlantic tensions come back into focus: President Trump threatened new tariffs on eight European countries, 10% starting Feb. 1, rising to 25% by June 1, unless a deal is reached for the US to purchase Greenland, prompting sharp pushback from Denmark/Europe and sparking protests in Greenland

• Investors, join us at the 10th Annual NAHC in NYC: DNB Carnegie | Back Bay is pleased to present more than 25 compelling Nordic-US healthcare companies at our annual healthcare equity event, The Nordic-American Healthcare Conference, March 25-26, 2026, in NYC. Registration is now open and meetings are being booked. Find out more, here.

Markets Overview

The S&P 500 and Nasdaq were down 0.4% and 0.7%, while the Dow was up 2.0%

• Early earnings underscore a strong start to 2026: the six largest banks posted a record $593B in revenue, while TSMC delivered a bullish near-term outlook; additional large-cap results are expected in the coming weeks

The NYSE Pharma Index was up 1.5%, while the NBI was flat on the week

Notable changes in share price:

• ImmunityBio (NASDAQ: IBRX): Shares rose 135.9% after the Company released strong earnings and positive clinical data from their 1L BCG naïve NMIBC program and cell therapy program in Waldenström Non-Hodgkin lymphoma

Sources: Pitchbook, Biomedtracker, and CapIQ

Equity Markets

IPO Markets:

No companies completed an IPO last week.

One company announced plans to publicly list:

• SpyGlass Pharma plans to raise ~$100.0M to advance clinical development and fund pre-commercial activities for the BIM-IOL System, an intraocular implanted lens for sustained release bimatoprost (prostaglandin analog) currently being studied in Phase 3 registrational trials for open-angle glaucoma and ocular hypertension

Two companies in the IPO queue are targeting raises at or above ~$100M:

1/16/2026
SpyGlass Pharma  ~$100.0 Intended Raised

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

Twenty 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 priced in 2025 have generated a median and average return of 2.9% and 22.9%, respectively suggesting overall performance has been skewed by a small number of outsized winners. Notably, ~60% of newly public companies are trading above their offer price

Follow-On Offering Markets:

There were no follow-on equity offerings last week.

PIPE/RDO Markets:

There were two PIPE/RDOs last week totaling ~$65.0M

Licensing

M & A

Venture Financing

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