Week of November 28, 2025

The Week at a Glance:

• December Rate Cut Hopes Rise: Major indices rose ~4% during the shortened trading week as data pointed to a cooling economy: September retail sales showed slowing consumer spending, The Conference Board’s November survey reflected weaker consumer sentiment, and the Fed’s Beige Book highlighted a softening labor market, all of which strengthened expectations for a December rate cut

• A Break in the Action: Due to the Thanksgiving holiday, both the healthcare public and private markets had a relatively inactive week

• Upcoming JPM Conference: DNB Carnegie//Back Bay will be at the JP Morgan Healthcare Conference in San Francisco. If you plan to attend and would like to schedule a meeting with our strategy and finance teams, contact us.

Markets Overview

The S&P 500, Dow, and Nasdaq were up 3.7%, 3.2%, and 4.9% on the week

• Economic data and Fed commentary pointed to a cooling economy, boosting investors’ confidence in a rate cut

The NYSE Pharma Index and NBI were up 1.8% and 3.8%, respectively

Notable changes in share price:

• Arrowhead Pharmaceuticals (NASDAQ: ARWR): Shares rose 38.7% following a strong Q4 earnings report, which highlighted the Company’s progress towards launching Redemplo for familial chylomicronemia syndrome (FCS), initiating a Phase 1/2a program in atherosclerotic cardiovascular disease, and increasing business development activity, including milestone payments from Sarepta and a licensing deal with Novartis for its alpha-synuclein siRNA asset

Sources: Pitchbook, Biomedtracker, and CapIQ

Equity Markets

IPO Markets:

No companies completed an IPO or announced a public offering larger than ~$100M last week

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

10/28/2025
Medline:  $5,000.0 Intended Raise ($M)

11/7/2025
Saluda Medical:  $150.0 Intended Raise ($M)

11/17/2025
Lumexa Imaging:  $200.0 Intended Raise ($M)

Nineteen additional companies in the IPO queue are pursuing raises below $30M, with five companies announcing their raises in the last three months

IPOs that have priced this year have delivered a median gain of 15.2%, with ~60% of newly public companies trading above their offer price 

Follow-On Offering Markets:

There were no follow-on equity offerings last week

PIPE/RDO Markets:

There was one PIPE/RDO last week raising $50.1M:

• Verrica Pharmaceuticals (NASDAQ: VRCA) raised $50.1M to fully repay its outstanding debt obligations

Licensing

M & A

There were no M&A deals this week. However, the volume of large M&A deals has accelerated in 2025 YTD, highlighting big pharma’s need to bolster both their pipelines and commercial portfolios as they confront near-term revenue pressures from impending patent cliffs.

Venture Financing

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