Key highlights from April:

• Biotech markets remained constructive in April, with performance led by micro- and mid-cap names, while specialty pharma lagged
• Deal activity continued to increase, with 15 M&A and 14 licensing transactions announced (vs. 13 M&A and 12 licensing in March); eight M&A deals exceeded $1bn, led by Sun/Organon, Eli Lilly/Kelonia, Gilead/Tubulis, Neurocrine/Soleno, and Eli Lilly/Ajax
• Four biopharma offerings priced in April (Kailera, Avalyn, Hemab, Seaport), marking the strongest issuance cadence in recent quarters
• The U.S. backlog includes ~9 publicly filed IPOs and improving market conditions support a continued reopening of the window into 2026
• Follow-on financing activity accelerated, with 26 deals raising $5.9bn (vs. 22 deals / $3.2bn in March), driven by improved equity market receptivity
• High-quality clinical readouts catalyzed outsized financings, as positive late-stage and pivotal data (Revolution Medicines, Oruka, Veradermics) drove significant share price appreciation and enabled large, well-received offerings
• Eli Lilly secured FDA approval for Foundayo, the first oral, non-peptide GLP-1 RA for chronic weight management, removing the needle barrier and streamlining manufacturing and distribution vs. injectable standards
• FDA leadership transition introduces near-term uncertainty, with Vinay Prasad stepping down from CBER and Katherine Szarama named acting director during the search for a permanent leader overseeing vaccines and gene therapies