42:I[185,["/_next/static/chunks/08z4tkzvltetr.js","/_next/static/chunks/121~yigv24_j6.js","/_next/static/chunks/0jo3du-icy6v2.js","/_next/static/chunks/15cy49d~_zsjj.js","/_next/static/chunks/0..ktetnpeix7.js","/_next/static/chunks/08cz-ztcfuxe..js","/_next/static/chunks/0i6hzvr84kc1r.js"],"SendEmailButton"] 44:I[63625,["/_next/static/chunks/08z4tkzvltetr.js","/_next/static/chunks/121~yigv24_j6.js","/_next/static/chunks/0jo3du-icy6v2.js","/_next/static/chunks/15cy49d~_zsjj.js","/_next/static/chunks/0..ktetnpeix7.js","/_next/static/chunks/08cz-ztcfuxe..js","/_next/static/chunks/0i6hzvr84kc1r.js"],"AddToLibraryButton"] 45:I[29721,["/_next/static/chunks/08z4tkzvltetr.js","/_next/static/chunks/121~yigv24_j6.js","/_next/static/chunks/0jo3du-icy6v2.js","/_next/static/chunks/15cy49d~_zsjj.js","/_next/static/chunks/0..ktetnpeix7.js","/_next/static/chunks/08cz-ztcfuxe..js","/_next/static/chunks/0i6hzvr84kc1r.js"],"ShareButton"] 46:I[58016,["/_next/static/chunks/08z4tkzvltetr.js","/_next/static/chunks/121~yigv24_j6.js","/_next/static/chunks/0jo3du-icy6v2.js","/_next/static/chunks/15cy49d~_zsjj.js","/_next/static/chunks/0..ktetnpeix7.js","/_next/static/chunks/08cz-ztcfuxe..js","/_next/static/chunks/0i6hzvr84kc1r.js"],"ProcessEpisodeButton"] 47:I[45269,["/_next/static/chunks/08z4tkzvltetr.js","/_next/static/chunks/121~yigv24_j6.js","/_next/static/chunks/0jo3du-icy6v2.js","/_next/static/chunks/15cy49d~_zsjj.js","/_next/static/chunks/0..ktetnpeix7.js","/_next/static/chunks/08cz-ztcfuxe..js","/_next/static/chunks/0i6hzvr84kc1r.js"],"SignupCTA"] 3b:["$","div",null,{"className":"flex flex-wrap items-center gap-x-4 gap-y-1 font-mono text-[12px] uppercase tracking-[0.1em] text-[color:var(--fg-3)]","children":[["$","time",null,{"dateTime":"2026-06-16T17:34:47.000Z","children":"June 16, 2026"}],["$","span",null,{"aria-hidden":true,"children":"·"}],["$","span",null,{"children":"00:01:15"}],false]}] 3c:["$","p",null,{"className":"max-w-[60ch] text-[18px] leading-[1.5] text-[color:var(--fg-2)]","children":"Bankers tell CNBC the IPO window is reopening as pharma buyers keep setting valuations."}] 43:T504,

CNBC reports that health care investment bankers see a selective biotech IPO window reopening while big pharma M&A continues to lead exits. Recent deals include Pfizer buying Seagen for $43 billion, Bristol Myers Squibb acquiring Karuna Therapeutics for about $14 billion, Merck purchasing Prometheus Biosciences for $10.8 billion, and Bristol Myers Squibb acquiring RayzeBio for $4.1 billion. IPO activity has included CG Oncology raising about $380 million in January 2024, Kyverna Therapeutics raising roughly $319 million in February 2024, and Tempus AI raising about $410 million in June 2024. Bankers say offerings that price well feature crossover anchors, late-stage data, and twelve to eighteen month catalysts. Strategic buyers maintain pricing power due to patent cliffs and policy pressure, with oncology and immunology assets favored. Founders are advised to prepare for dual-track processes, manage burn, and build a crossover base before filing an S-1.

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