Week of July 24, 2026

The Week at a Glance:

• What Will the Fed Say? Investors await commentary from the Fed’s July meeting as the re-escalation of the US–Iran conflict and associated inflationary pressures cloud the outlook for interest rates

• A Biotech Whirlwind in the Windy City: Following AbbVie’s $10.9B acquisition of Apogee, fellow Chicago-based company Tempus AI acquired Personalis, a cancer-focused minimal residual disease detection company, for $1.5B

• Ex-Vivo Cell Therapy Wasn’t Forgotten: While in-vivo cell therapy has attracted significant investor and strategic interest, Repligen’s $1.5B acquisition of BioLife Solutions highlights the continued growth and strategic importance of the ex vivo cell therapy ecosystem

   

Markets Overview

Despite uncertainty surrounding the interest-rate outlook, healthcare equities continue to outperform broader indices as investors reward the sector’s heightened transactional activity and strong clinical data.

• The Dow was up 0.2%, while the S&P 500 and Nasdaq were down 0.4% and 2.1%, respectively, over the last week

• Markets are focused on the Fed’s July meeting as renewed hostilities and a re-escalation in the US-Iran conflict have pushed oil prices upwards, pressuring yields

• The NYSE Pharma and NBI were up 3.3% and 0.7%, respectively

• Notable changes in share price:

  • Arrowhead Pharmaceuticals (NASDAQ: ARWR): Shares rose 14.6% after the Company reported positive results from their Phase 3 in severe hypertriglyceridemia showing deep and durable triglyceride reductions with REDMPLO, a siRNA designed to suppress the production of APOC3

Sources: Pitchbook, Biomedtracker, and CapIQ

Equity Markets

IPO

• There were no S-1s filed last week

• IPOs priced in 2025 and 2026 have generated a median and average return of 10.6% and 27.7% YTD, respectively

• After-Market Performance by Stage:

  • Clinical-stage after-market performance: 47.8% (average), 13.3% (median)

  • Commercial-stage after-market performance: 7.5% (average), 9.4% (median)

• After-Market Performance by Sector:

  • Biopharma: 47.8% (average), 13.3% (median)

  • MedTech: 2.2% (average), 0.6% (median)
    

Follow On

Follow-on activity was led by Dyne Therapeutics as investors continued funding late-stage, catalyst-driven companies advancing differentiated genetic medicine and rare disease programs.

• There were two follow-on equity offerings totaling approximately $400.2M this week, including:

  • Dyne Therapeutics (NASDAQ: DYN) closed a $375.2M upsized public offering to advance its clinical-stage neuromuscular disease pipeline, including commercialization activities for its Duchenne muscular dystrophy program and development of additional muscle disease therapies. The offering included the upsized base deal but does not include any future exercise of the underwriters' option.

PIPE/RDO

PIPE / RDO activity was concentrated in Mentari Therapeutics, a clinical-stage biotech developing therapies for migraine prevention, amid growing strategic and investor interest in the space.

• There were six PIPEs / RDOs announced last week, representing aggregate proceeds of $339M, including:

  • Mentari Therapeutics raised $200M through a private placement led by Fairmount, ADAR1 Capital Management, and Venrock Healthcare Capital Partners, with proceeds expected to advance its pipeline of PACAP-targeted biologics for migraine prevention, including MT-002, through Phase 2a readouts and to support its merger with InMed Pharmaceuticals

  • Scancell raised $51.1M through a private placement concurrent with its pending acquisition of Neuphoria, with new ordinary shares and ADSs priced at $0.1205 apiece, with proceeds supporting the Company's off-the-shelf active immunotherapy programs

Licensing

Oncology led licensing activity, with deal flow concentrated in early-stage and platform-enabling technologies.

M&A

Repligen's $1.5B acquisition of BioLife Solutions and Tempus AI's $1.5B acquisition of Personalis highlight continued demand for strategic platform acquisitions, as buyers expand capabilities in bioprocessing and precision medicine to support long-term growth.

Venture Financing

Investors continued backing differentiated clinical and platform technologies, led by Crystalys Therapeutics' Phase 3 gout program and GenEditBio's CRISPR-based gene editing platform.