Biopharma IPOs resurging after drought, with Kailera Therapeutics ($1.9B valuation) and Alamar Biosciences ($1.53B post-IPO) launching roadshows.
19 biopharma M&A deals ≥$1B announced Jan 1-Apr 7, 2026, per Stifel, including Merck's $6.7B Terns and Lilly's $6.3B Centessa deals.
Median pre-money valuations for venture-growth biopharma rose from $65M to $247M in 2025 (PitchBook).
Russell 2000 Biotech Index up 9.7% YTD, outperforming S&P 500.
Of 6 biopharma IPOs since Jan 2026, 4 trade below offer price; market selective for clinically de-risked firms.