What to expect from the biotech IPO market in 2025

The Top Line

During a panel discussion at this year’s Fierce JPM Week—which took place alongside the annual J.P. Morgan Healthcare Conference in San Francisco—industry experts broke down what it takes to pull off a successful biotech IPO in the current market.

This week’s episode of The Top Line dives into the discussion, featuring Fierce Biotech’s Gabrielle Masson as moderator, joined by Septerna CEO and co-founder Jeffrey Finer, M.D., Ph.D.; Rapport Therapeutics Chief Financial Officer Troy Ignelzi; Sofinnova Investments General Partner Maha Katabi, Ph.D.; and Morgan Stanley Executive Director Chirag Surti. In their wide-ranging conversation, the industry leaders spoke about the types of biotechs that debuted on the public market in 2024, the keys to success for an effective IPO and what to expect from the market heading into 2025.

To learn more about the topics in this episode:  

• ‘A really rational IPO environment’: What does it takes for a biotech to go public now?

• 'Own JP Morgan, don't let JP Morgan own you': Biopharma—and Jill Biden—show up for JPM25

• Septerna's $288M IPO is another sign of the market warming to biotech investment

• Third Rock's Rapport reveals upsized $154M IPO

This episode is brought to you by Cencora. Learn more at cencora.com/breakthrough.

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