Biotech IPOs Raise $1B in Biggest Week Since 2021
Four drug companies went public this week raising nearly $1 billion combined, led by Eikon Therapeutics' $381M offering — the largest biotech IPO since 2024.
The biotech IPO window hasn't been this wide open since 2021. Four drug companies priced initial public offerings this week, raising close to $1 billion combined in the busiest seven-day stretch for new biotech listings in nearly five years.
The flagship deal was Eikon Therapeutics, which upsized its offering and priced 21.2 million shares at $18 apiece, bringing in $381 million. That's the largest biotech IPO since 2024, eclipsing Aktis Oncology's $318 million raise in January. Eikon began trading on the Nasdaq under the ticker EIKN on February 5, with the deal closing the following day.
The Lineup
| Company | Ticker | Amount Raised | Price | Focus |
|---|---|---|---|---|
| Eikon Therapeutics | EIKN | $381M | $18 | Oncology (TLR-7/8) |
| AgomAb Therapeutics | AGMB | $200M | $16 | Inflammatory disease |
| SpyGlass Pharma | SGP | $150M | $16 | Ocular disease |
| Veradermics | — | ~$80M | — | Dermatology |
Eikon, led by former Merck R&D chief Roger Perlmutter, is advancing EIK1001, a dual TLR-7/8 agonist targeting melanoma and non-small cell lung cancer. J.P. Morgan, Morgan Stanley, BofA Securities, Cantor, and Mizuho managed the book.
AgomAb and SpyGlass priced on Thursday, raising a combined $350 million. AgomAb is developing treatments for inflammatory conditions, while SpyGlass is building long-acting therapies for eye diseases. Both started trading on Friday.
Why Now
Three factors are driving the window open.
First, the broader equity market context helps. Despite the SaaSpocalypse ripping through software stocks earlier this week, the Dow crossed 50,000 for the first time on Friday and the S&P 500 is back in the green for 2026. Risk appetite hasn't disappeared — it's rotating.
Second, biotech valuations got cheap enough to attract crossover investors. After years of post-2021 correction, the sector's risk-reward profile shifted. Companies coming public now are generally later-stage with clinical data, not the pre-revenue concept stories that defined the 2021 class.
Third, the FDA approval environment has been constructive. Drug approvals ticked up in 2025, and the agency's willingness to engage on accelerated pathways has given investors confidence that the regulatory backdrop is favorable for pipeline-stage companies.
Context in the 2026 IPO Market
This biotech burst arrives alongside a broader IPO revival. We've tracked nine pricings in a single week in late January, and the pipeline continues to build with major listings from SpaceX and OpenAI expected later this year.
But biotech IPOs carry specific risk. The 2021 vintage performed poorly — many companies that went public with early-stage assets saw their stocks collapse as clinical timelines stretched and rate hikes crushed long-duration growth stories. This cycle looks different so far: Eikon's $381 million raise at the high end of its range, with upsizing, signals genuine institutional demand rather than speculative froth.
Renaissance Capital data shows 16 IPOs have priced in 2026 through early February. If the current pace holds, 2026 is tracking well ahead of both 2024 and 2025, which were rebuilding years after the 2022–2023 drought.
For the IPO market broadly, the biotech wave is an important proof point. These aren't AI hype deals or meme-driven listings. They're capital-intensive drug development companies raising hundreds of millions from institutional investors who've done the clinical diligence. That's the kind of deal flow that sustains an IPO cycle rather than ending one.
The test comes in the secondary market. How EIKN, AGMB, and SGP trade over the next 30 days will determine whether the next cohort of biotech companies accelerates their own listing timelines or waits for more data.