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Market Update for Week of October 24, 2025
The Week at a Glance:
Stocks rise on the hope of an October rate cut: Indices were up ~2% as slowing inflation clears a path for an October rate cut – CPI rose 0.3% from the prior month versus an expected 0.4%
Clinical-stage IPOs start to pick up: Novo-backed MapLight Therapeutics raised ~$260M in their IPO to fund their lead Phase 2 program in schizophrenia and Alzheimer’s, along with other neurology programs. The deal marks the second clinical-stage IPO in H2 since LB Pharmaceuticals priced in September
The overall IPO queue is slim right now with only two companies intending to raise > $100M
M&A momentum continues to build: Last week Blackstone/TPG acquired Hologic for $18.3B and Novartis acquired Avidity Biosciences for $12.0B. The Novartis deal marks the second largest strategic M&A this year behind J&J’s purchase of Intra-Cellular Therapeutics ($14.6B) and Novartis’ fourth acquisition this year and largest in ten