Week of May 8, 2026

The Week at a Glance:

• No Breaks in Healthcare M&A: Three major deals last week, Angelini’s $4.1B Catalyst acquisition, Bayer’s $2.5B Perfuse acquisition, and Roche’s $1.1B PathAI acquisition, helped push H1 2026 healthcare M&A volume 60% above H1 2025 levels

• Strong Follow-on Activity: More than $1.8B in follow-on offerings were announced or priced last week, led by Cytokinetics’ $805M raise following Phase 3 data in non-obstructive hypertrophic cardiomyopathy

• Odyssey’s $304M IPO: Odyssey Therapeutics, which initially disclosed ambitions to IPO in 2025 before abandoning the plan due to market conditions, has now successfully priced its IPO at the top end of the range, raising $304M 

   

Markets Overview

The S&P 500, the Nasdaq, and Dow were up 2.3%, 4.5%, and 0.2%, respectively, over the last week

• News of a US proposal to end the Iran war, strong labor-market data with unemployment holding at 4.3%, and continued earnings strength drove market returns

The NYSE Pharma Index was down 1.7%, while the NBI was up 2.2% over the last week

Notable changes in share price:

• Avalo Therapeutics (NASDAQ: AVTX): Shares jumped 59.2% after the Company announced positive topline results from their Phase 2 trial in moderate to severe hidradenitis suppurativa

• Viridian Therapeutics (NASDAQ: VRDN): Shares rose 24.0% after the Company announced positive topline results from their Phase 3 trial in chronic thyroid eye disease

Sources: Pitchbook, Biomedtracker, and CapIQ

Equity Markets

IPO

There were no new S-1s filed, however there were two companies that completed their IPO last week:

• Odyssey Therapeutics raised $304.0M through an upsized IPO and concurrent private placement to advance OD-001, an oral small-molecule scaffolding inhibitor of RIPK2, through Phase 2a combination and Phase 2b monotherapy trials in ulcerative colitis; OD-002, an oral SLC15A4 inhibitor, through IND-enabling and Phase 1/2a studies; and support additional pipeline development and general corporate purposes

• Mobia Medical raised $150.0M in its IPO to expand the direct sales force and commercial organization for Vivistim Paired VNS System, its FDA-approved paired vagus nerve stimulation therapy for chronic ischemic stroke survivors with moderate-to-severe upper extremity impairment; continue R&D and clinical studies; and support working capital and general corporate purposes

IPOs priced in 2025 and 2026 have generated a median and average return of (2.5%) and 21.0% YTD, respectively.

After-Market Performance by Stage

• Clinical-stage after-market performance (N=18): 48.4% (average), 34.2% (median)

• Commercial-stage after-market performance (N=24): (1.1%) (average), (12.0%) (median)

After-Market Performance by Sector

• Biopharma (N=18): 48.4% (average), 34.2% (median)

• MedTech (N=23): (6.8%) (average), (21.7%) (median)

  
  
  

Follow On

There were nine follow-on equity offerings totaling $1.8B last week, including:

• Pharvaris (NASDAQ: PHVS) announced a $115.0M underwritten offering to fund continued advancement of deucrictibant, an oral bradykinin B2 receptor antagonist, including preparation of marketing authorization applications for on-demand treatment of HAE attacks; advance CHAPTER-3 through Phase 3 topline data for prevention of HAE attacks; and progress CREAATE, a Phase 3 study in AAE-C1INH attacks

• InflaRx (NASDAQ: IFRX) announced a $150.0M underwritten offering to advance pipeline activities, including izicopan, an oral small molecule C5aR inhibitor, for ANCA-associated vasculitis and additional renal diseases; continue development of vilobelimab, an anti-C5a monoclonal antibody; and support working capital and general corporate purposes

• Avalo Therapeutics (NASDAQ: AVTX) announced a $375.0M underwritten public offering of common stock and pre-funded warrants to fund Phase 3 clinical development of abdakibart, an anti-IL-1β monoclonal antibody, through topline data in moderate-to-severe hidradenitis suppurativa; and support working capital and general corporate purposes

• Cytokinetics (NASDAQ: CYTK) announced an $805.0M underwritten public offering of common stock to support continued advancement of its specialty cardiovascular business, including commercialization of MYQORZO® (aficamten), a cardiac myosin inhibitor approved for symptomatic obstructive HCM; advance omecamtiv mecarbil, an investigational cardiac myosin activator for heart failure with severely reduced ejection fraction; and progress ulacamten, an investigational cardiac myosin inhibitor for heart failure with preserved ejection fraction

• Abivax (NASDAQ: ABVX) announced a $650.0M underwritten public offering to fund clinical development of obefazimod, a first-in-class oral miR-124 enhancer, in ulcerative colitis and Crohn’s disease; support commercialization preparation; and fund working capital and other general corporate purposes

• Aura Biosciences (NASDAQ: AURA) announced a $299.4M underwritten public offering of common stock and pre-funded warrants, generating approximately $280.8M in net proceeds, to advance clinical programs in early choroidal melanoma and registration-enabling activities for bel-sar, its virus-like drug conjugate, as well as fund general corporate purposes and repurchase shares from Matrix Capital

• Cabaletta Bio (NASDAQ: CABA) announced a $150.0M underwritten offering of common stock, generating approximately $141.0M in net proceeds, to fund expanded clinical development of rese-cel, a CD19-CAR T cell therapy for autoimmune diseases, including ongoing registrational studies in myositis; advance RESET clinical programs across rheumatology, neurology, and dermatology indications; and support manufacturing readiness

PIPE/RDO Markets:

There were four PIPEs/RDOs last week raising an aggregate of $173.0M

• Cellectar Biosciences (NASDAQ: CLRB) announced an oversubscribed financing of up to $140.0M to support a confirmatory study and NDA filing for accelerated approval of iopofosine I 131, its phospholipid drug conjugate for Waldenström macroglobulinemia, and continued advancement of CLR 125, its Auger-emitting program for triple-negative breast cancer

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