After a blockbuster 2021, the IPO landscape within the biopharma sector reflects a cautious sentiment, especially amid various ongoing macroeconomic factors. 2025 has also seen a number of IPOs on Asian stock exchanges, outweighing those in the USA. With proceeds ranging from single-digit millions to over a billion, learn how public offerings fared in this review, based on data from the Biotechgate database.
A Measured Return
Dozens of companies went public over the course of the year, raising capital through traditional IPOs and alternative routes such as reverse mergers.
Compared with the peak IPO years of the last half-decade, 2025 was defined less by scale and more by consistency. While large, headline-grabbing US biotech IPOs were scarce, a steady cadence of mid-sized offerings signaled renewed, if cautious, investor engagement with the sector.
Deal Size Trends: Mid-Sized Offerings Dominate
Capital raised in 2025 ranged from single-digit millions to more than USD 1bn. However, the majority of completed deals clustered firmly in the mid-market, with many companies raising between USD 50m and USD 300m.
This distribution reflects a market that rewarded companies with well-defined clinical programs or established commercial traction, while remaining selective toward earlier-stage or higher-risk stories. Notably, valuation disclosure was limited in many cases, suggesting a continued emphasis on capital raised and strategic positioning over headline pricing.
Geographic dynamics: Asia Leads on Volume
One of the clearest themes of 2025 was the prominence of Asia-based IPOs. Companies headquartered in mainland China, Hong Kong and the broader Asia-Pacific region accounted for a significant share of life science listings, particularly on the Hong Kong Stock Exchange.
Several of these IPOs were heavily oversubscribed, highlighting strong regional investor demand for biopharmas. In contrast, US IPO activity skewed toward mid-cap offerings, while European activity remained relatively limited.
Clinical Stage Matters
A defining feature of 2025 IPOs was the maturity of the underlying science. Many biotech companies entered the public markets with at least Phase II programs or even having several assets already on the market or approaching commercialization.
Early-stage, preclinical companies were present, but typically raised smaller amounts of capital. This pattern underscores a clear investor preference for clinical validation and nearer-term milestones, reflecting a more disciplined and cautious approach to public market risk.
Largest Biopharma IPOs of 2025
Jiangsu Hengrui Pharmaceuticals
Jiangsu Hengrui Pharmaceuticals was the largest biopharma IPO of the year, raising USD 1.3bn. One of China’s leading pharmaceutical companies, Hengrui entered the public markets with a broad, late-stage pipeline spanning oncology, immunology and cardiovascular disease, alongside multiple commercialized products.
Avidity Biosciences
Avidity Biosciences completed the largest US biotech IPO, raising USD 690m. The company is developing antibody-oligonucleotide conjugates (AOCs), a novel modality designed to target previously undruggable diseases, with a particular focus on neuromuscular and rare genetic disorders. Several of Avidity’s lead programs were in mid- to late-stage clinical development at the time of listing, aligning with the broader investor preference for clinically validated platforms.
Jade Biosciences
Massachusetts-based Jade Biosciences raised USD 300m in an IPO that reflected the year’s dominant mid-market deal profile. The company is advancing a pipeline of biologics targeting autoimmune and inflammatory diseases. With multiple assets progressing through clinical development, Jade’s offering highlighted continued public market interest in companies combining established therapeutic areas with differentiated scientific approaches.