Week of January 23, 2026

The Week at a Glance:

• Greenland Deal Partly Alleviated Market Concerns: On Thursday, President Trump said the US had reached a NATO-brokered “framework” on Greenland that he claimed would provide total and permanent US access, prompting him to drop tariff threats against Europe and rule out using force; equities rebounded on the headlines, while the dollar continued to weaken

• Clinical-Stage M&A Rebound Continues: GSK agreed to acquire RAPT for $2.2B, with $1.9B upfront, to secure ozureprubart (Phase 2, long-acting anti-IgE) in food allergy, signaling GSK’s push under new CEO Luke Miels to refresh its I&I pipeline ahead of looming patent expiries

• Consensus Over-Pessimism is Amplifying Earnings Beats: Healthcare is clearing estimates partly because analysts revised forecasts down more aggressively than other sectors, lowering the hurdle, and the latest guidance mix supports that “reset” narrative as healthcare has the strongest skew toward positive FY EPS guidance (40 positive vs. 9 negative. Source: FactSet), helping explain the prior valuation drag, the current re-rate, and improving ECM and deal-making confidence

Markets Overview

The S&P 500, Nasdaq, and the Dow were down 0.4%, 0.1%, and 0.5%

• Tariff threats and uncertainty around the Greenland talks drove volatility throughout the week. Major indices sold off after Trump announced a Europe tariff threat on Saturday, before later recovering after he said a deal had been struck with NATO

The NYSE Pharma Index and NBI were up 1.1% and 3.1%, respectively

Notable changes in share price:

• Corvus Pharmaceuticals (NASDAQ: CRVS): Shares rose 251.5% after the Company released strong data from their oral ITK inhibitor in Phase 1 for atopic dermatitis

• Lisata Therapeutics (NASDAQ: LSTA): Shares jumped 94.8% after the Company agreed to be acquired by Kuva Labs for $4.00 per share plus two $1.00 CVRs, with the deal focused on certepetide, an iRGD cyclic peptide

Sources: Pitchbook, Biomedtracker, and CapIQ

Equity Markets

IPO Markets:

No companies completed an IPO last week.

One company announced plans to publicly list:

• AgomAb Therapeutics plans to raise ~$100.0M to advance its fibrosis pipeline, including ontunisertib (AGMB-129), an oral gut-restricted ALK5 inhibitor in Phase 2a for fibrostenosing Crohn's disease, and AGMB-447, an inhaled ALK5 inhibitor in Phase 1 for idiopathic pulmonary fibrosis (IPF)

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

1/16/2026
AgomAb Therapeutics  ~$100.0 Intended Raised

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 5.8% and 24.3%, 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 five follow-on equity offerings totaling $670.5M last week, including:

• Erasca, Inc. (NASDAQ: ERAS) raised $225.0M to support clinical development of its RAS/MAPK pathway-targeting oncology portfolio, including ERAS-0015 (potential best-in-class pan-RAS molecular glue) in Phase 1 for RAS-mutant solid tumors, ERAS-4001 (potential first-in-class pan-KRAS inhibitor) in Phase 1 for KRAS-mutant solid tumors, and naporafenib (pan-RAF inhibitor) in development for NRAS-mutant melanoma

• Corvus Pharmaceuticals, Inc. (NASDAQ: CRVS) raised $201.2M to support clinical development of its ITK inhibitor portfolio, including soquelitinib in a registrational Phase 3 trial for relapsed/refractory peripheral T-cell lymphoma, and Phase 2 trials in atopic dermatitis, hidradenitis suppurativa, and asthma

• Axogen, Inc. (NASDAQ: AXGN) raised $124.0M to support debt payoff and commercialization of its peripheral nerve repair portfolio, including recently FDA-approved Avance (acellular nerve allograft) for sensory, mixed, and motor peripheral nerve discontinuities

• BioAge Labs, Inc. (NASDAQ: BIOA) raised $115.0M to support clinical development of its metabolic disease and aging pipeline, including BGE-102 (oral NLRP3 inhibitor) in Phase 1 for cardiovascular risk and retinal diseases including diabetic macular edema, as well as APJ agonists in preclinical development for obesity

PIPE/RDO Markets:

There was one PIPE last week that raised $5.9M

Licensing

M & A

Venture Financing

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