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Market Update for Week of December 19, 2025
The Week at a Glance:
Encouraging macro data: Indices slightly lifted as CPI numbers came in below expectations at 2.7% and the November employment report showed consensus-beating but still weak 64,000 jobs added, easing pressure on the Fed and tilting interest rates lower
Medline’s $6.3B IPO sets records: Medline, a vertically integrated medical supplies manufacturer, raised $6.3B in its Nasdaq IPO, marking the largest IPO globally this year. The deal underscores the trend of commercial medtech IPOs dominating in 2025 and improving investor demand and equity capital markets sentiment
M&A activity remains at a post-Covid high: Q4 has seen the highest M&A deal value since COVID with commercial-stage acquisitions accounting for the lion’s share of activity. This is highlighted by BioMarin’s recent $4.8B acquisition of Amicus Therapeutics. The deal expands BioMarin’s rare-disease portfolio with a marketed gene therapy and reinforces the strategic premium placed on de-risked, revenue-generating assets
Meet us in San Francisco: The DNB Carnegie | Back Bay healthcare team will be in San Francisco next month. If you would like to meet with our strategy and finance teams, please contact us to schedule a meeting
US healthcare investors are now booking meetings at the NAHC: We’re pleased to present more than 26 high caliber US and Nordic biopharma, medtech, device and diagnostics companies at our annual healthcare event, The Nordic-American Healthcare Conference, March 25-26, 2026, New York City. Investor information and registration is now available on our website, here.