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Market Update for Week of November 7, 2025
The Week at a Glance:
AI Bubble Concerns Grow: The Nasdaq was down 3.0% on the week amid growing concerns over elevated AI valuations, signaling a potential capital rotation out of tech and into other sectors
The Pfizer and Novo Showdown Finale: After Novo raised its offer for Metsera to approximately $10 billion on Tuesday, Pfizer matched the revised offer by Friday, leading Metsera to enter into a merger agreement with Pfizer
Regulatory Uncertainty Returns: The FDA and CBER Director Vinay Prasad have reignited uncertainty surrounding regulatory decision-making, as uniQure and Biohaven faced scrutiny over clinical trial designs using external controls, designs that had previously been approved under the prior administration
IPO Momentum Builds: BillionToOne raised $273.1M to support continued commercial and R&D growth initiatives, while Evommune raised $150M to fund its lead asset in Phase 2 targeting I&I indications. BillionToOne’s listing reflects a continued trend of commercial MedTech players entering the public markets, while Evommune’s listing is the third clinical-stage biotech IPO in H2, following LB Pharmaceuticals’ and MapLight’s recent listings"
White House Obesity Deals: The White House announced an agreement with Eli Lilly and Novo Nordisk that aims to lower US prices for GLP-1 weight-loss drugs (such as Wegovy and Zepbound) and expand coverage under programs like Medicare for obesity treatment. While the deal seems advantageous for Medicare beneficiaries, the implications for uninsured patients, Medicaid recipients, and those with commercial insurance are still uncertain