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Fenwick partners talk IPO market

an illustration of a stock market candlestick graph made out of syringes

The week that was

Other deals of the week

Pipeline picks

Quote of the week

Biotech IPO demand has surged this year, but the market remains selective, Fenwick partners Amanda Rose and Chelsea Anderson tell Axios Pro.

The big picture: The IPO rebound is shifting the market's read on biotech risk, while clinical-trial betting is opening a new front around disclosure.

Catch up quick: Fenwick represented Attovia Therapeutics in its $289 million IPO, and also advised Scribe on its public offering in July.

Rose is co-lead of the firm's capital markets practice and Anderson is a corporate partner.

(This interview has been edited for brevity and clarity.)

Axios Pro: Do you expect the IPO rebound to continue, and what's driving the recent upsizes?

Rose: "I know there's a strong pipeline ready to go post-Labor Day. Should the macro picture and demand hold, I think it could be a really strong post-Labor Day IPO demand. ... It's genuinely oversubscribed. The demand truly is there, not just from specialist biotech investors, but also more generalist investors."

Anderson: "The IPO market was so closed last year that there was a large backlog. Some really high-quality companies that are pretty far along in their developmental stages are now having the opportunity to get out."

Rose: "We're not seeing companies going public on pre-clinical data or a platform promise. ... Strong clinical data, a clear regulatory pathway, a larger market, and a clear line of sight to commercialization are key factors that the investors are looking for right now."

What have you noticed as prediction markets move into biotech?

Anderson: "It's an evolving area. ... It's not directly covered by securities laws, but companies are developing policies to prohibit their employees from engaging in that kind of behavior."

1 big thing: Fenwick partners talk IPO market

💊 Pancreatic cancer drug approval puts Revolution Medicines back in spotlight

The milestone could put Revolution back on buyers' radars while validating RAS as a commercial drug category.

Pancreatic cancer drug approval puts Revolution Medicines back in spotlight

2. The week that was

Illustration of a pill with the dividing line in the shape of a dollar bill sign.

• Delix Therapeutics, a Boston-based developer of psychoplastogens, raised $85m in Series C funding led by J&J, per Psychedelic Alpha. Go deeper

• Gestala, a Chinese brain-computer interface platform, raised about $84m from HSG, Lens Technology, Sinovation Ventures, C Capital, Dalton Venture, Seas Capital, Tsing Song Capital, and Gobi Partners. Go deeper

• Faro AI, a San Diego-based provider of structured data and AI infrastructure for clinical development, raised $37.3m in Series B funding. Merck Global Health Innovation Fund and S32 led, joined by Ankona Capital and insiders General Catalyst, Northpond Ventures, Polaris Partners, PTX Capital, and Zetta. Go deeper

• OmicsBank, an SF-based clinical data infrastructure company, raised $2.3m in seed funding from Redesign Health. Go deeper

• Tom Orr, former CEO of Seaway Plastics Engineering, joined Avista Healthcare Partners as a "strategic executive." Go deeper

• DualityBio will receive $45m upfront and up to $1b from Roche's Genentech in a collaboration and license agreement to develop antibody-drug conjugates. Go deeper

• South Korea's Hanmi Pharm will receive $190m upfront and up to $2.3b from Roche to license a non-incretin obesity drug. Go deeper

3. Other deals of the week

Illustration of a syringe surrounded by various shapes and lines

💸 White House to announce new drug-pricing deals  — Bloomberg

💉 RFK Jr. broaches new categories for childhood vaccines — Axios

⚠️ Unapproved obesity drug spawns a black market frenzy — Axios

🔬Amgen, medical centers diverge on conflicts in FDA pilot — Endpoints News

4. Pipeline picks

Illustration of a cursor wearing a medical glove

"It's strong, but it's still somewhat selective."

— Fenwick partner Amanda Rose on the biotech IPO market

5. Quote of the week

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August 29, 2026

1 big thing: Fenwick partners talk IPO market