Are public investors still willing to back new issuers, and at what price? Who is funding early-stage science, and what do those backers expect when it is time to exit? And what does the cooling off of M&A in Q3 mean for investors seeking exits?
Drug developers have launched 24 US IPOs this year, double the 2025 total, yet 14 were trading below their offer price in mid-October. Venture funding is just $1.1bn short of last year’s full-year figure, with money moving toward mid-sized rounds. Acquirers spent $35.4bn in the quarter, almost 19% above the average since 2021.
In this report, analysis from Evaluate Pharma show how these signals fit together, so you can test your own assumptions before setting 2027 plans.
The eBook covers:
- How IPO sizes, valuations and aftermarket trading are shaping the exit window
- Where venture money is flowing, from mega-rounds to mid-sized financings
- Who is buying in M&A and how deal sizes are distributed
- How fast China’s role in high-value licensing is growing, and which companies are driving it
- The rights Western buyers are securing in those deals
- What the recent XBI pullback means for investor appetite
