Week of September 18, 2026

The Week at a Glance:

• Fed Hike Is Absorbed Without Destabilizing Markets: The Fed raised rates 25 bps, but major indices were mixed and healthcare outperformed, suggesting the move was largely priced in; the pace of further tightening remains the key variable for biotech valuations

• Biotech IPO Window Remains Open: Electra Therapeutics raised $350M in an upsized IPO, becoming the 21st biotech IPO of 2026 and the first Nasdaq biotech listing in more than a month

• Large Pharma Continues Paying for Pipeline-Enabling Platforms: Novo Nordisk entered an up-to-$1.4B Orbis collaboration and Roche an up-to-$1.0B Dualitas partnership, reinforcing strategic demand for discovery platforms capable of generating multiple differentiated programs

   

Markets Overview

The Nasdaq was up 0.7%, while the S&P 500 and Dow were down 0.1% and 1.7%, respectively, over the last week

• The Fed raised rates 25 bps, marking its first hike in three years; the move was largely priced in, leaving the pace of further tightening as the more important market variable

Healthcare outperformed: the NYSE Pharma Index rose 2.2% and the NBI 0.7%, versus a 0.1% decline in the S&P 500

Notable change in share price:

• Xenon Pharmaceuticals (NASDAQ: XENE): Shares fell 33.0% after the Company paused new enrollment in its Phase 3 depression trials following adverse events, including psychosis

Sources: Pitchbook, Biomedtracker, and CapIQ

Equity Markets

IPO

There was one biotech IPO priced last week

• Electra Therapeutics raised $350.0M in its IPO to advance ipsoprubart through its ongoing Phase 2/3 registrational trial in sHLH and support BLA submission and commercial readiness, while advancing ipsoprubart in a Phase 1 trial in T/NK cell malignancies and ELA822 through Phase 1 and planned Phase 1/2 development in T cell-mediated immune disorders

IPOs priced in 2025 and 2026 have generated a median and average return of 21.3% and 33.7% YTD, respectively

After-Market Performance by Stage:

• Clinical-stage after-market performance: 36.7% (average), 5.6% (median)

• Commercial-stage after-market performance: 30.8% (average), 27.9% (median)

After-Market Performance by Sector:

• Biopharma: 36.7% (average), 5.6% (median)

• MedTech: 27.5% (average), 24.0% (median)
  

  
  

Follow On

There was one follow-on offering last week totaling $400.0M

• Tyra Biosciences (NASDAQ: TYRA) priced a $400.0M public offering, to fund development across its dabogratinib programs in LG-UTUC, IR NMIBC, and achondroplasia, as well as preclinical and drug discovery programs, working capital and general corporate purposes

PIPE/RDO

There were six PIPEs / RDOs announced last week, representing aggregate proceeds of $411.8M

• Lisata Therapeutics (NASDAQ: LSTA) raised $225M in a PIPE concurrent with its acquisition of Marea Therapeutics, to advance MAR001/005 through its ongoing Phase 2b trial in severe hypertriglyceridemia and MAR002 through a Phase 2 trial in acromegaly, and fund operations into 2028

• Aethlon Medical (NASDAQ: AEMD) raised $180M in a PIPE concurrent with its merger with North Immunology, to advance lead program NOR-101 into Phase 1a and subsequent Phase 1b and Phase 2b development in atopic dermatitis, and fund operations into 2H 2028

Licensing

M&A

Venture Financing

Advanced modalities, platform technologies, and later-stage assets continued to attract strong investor interest