Upfront Briefing
IPO tape got two real prints: SpyGlass priced, and Agomab followed with a larger raise — the kind of “risk-on” datapoint that actually sets the bar for what new biotech risk costs this week.
Meanwhile, FDA leadership signaled a crackdown on illegal copycats amid the compounded Wegovy noise (with Hims squarely in the spotlight), while Idorsia laid out an FDA-agreed Phase 3 registration path for lucerastat in Fabry.
Tape Action
| Instrument |
Last close |
1D % |
YTD % |
| S&P 500 |
6,798.4 |
(1.2%) |
(0.7%) |
| Nasdaq 100 |
24,548.7 |
(1.4%) |
(2.8%) |
| Russell 2000 |
2,577.6 |
(1.8%) |
+3.9% |
| Healthcare (XLV) |
154.8 |
(0.8%) |
0.0% |
| Biotech (XBI) |
120.7 |
(3.6%) |
(1.0%) |
| Nasdaq Biotech (NBI) |
5,806.0 |
(2.1%) |
+1.7% |
| Clinical Trials (BBC) |
38.9 |
(5.1%) |
+0.8% |
|
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Risk-off was broad: labor-demand data and a still-wobbly mega-cap/AI tape pushed investors toward “de-risk” positioning (rates rallied, crypto weak).
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Biotech underperformed the tape (XBI (3.6%) vs S&P 500 (1.2%)) as high beta de-rated — with GLP-1/compounding headlines adding idiosyncratic pressure to the complex.
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The standout mover was Clinical Trials (BBC) at (5.1%) — a rough session for “early data / higher-duration” risk.
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Market data: U.S. close Thu 05-Feb-2026.
The Big 3
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1
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SpyGlass Pharma prices initial public offering
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SpyGlass priced 9,375,000 shares at $16.00 (≈$150m gross; plus a 30-day overallotment option).
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Why it matters:
IPO pricing + aftermarket performance are the cleanest real-time read-through on biotech risk appetite — and influence the next cohort’s decision to file/price (and at what discount).
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Source:
PR
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2
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Agomab prices initial public offering
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Agomab priced 12,500,000 ADSs at $16.00 (≈$200m gross; plus overallotment option).
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Why it matters:
Two IPO prints in one session is the point: it suggests real buy-side capacity for new biotech paper — but the “window” only truly opens if these names trade well post-launch.
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Source:
PR
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3
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FDA signals crackdown on illegal “copycat” drugs as compounded Wegovy grabs headlines
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FDA leadership said it would act against mass-marketing of unapproved copycats, as Novo moved toward legal/regulatory action over compounded versions of its new Wegovy pill (with Hims a focal point).
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Why it matters:
This is a regulatory overhang on telehealth/compounder GLP-1 unit economics. If enforcement tightens, demand shifts back toward branded supply — and the market’s pricing-power narrative for obesity drugs can reset quickly.
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Source:
Reuters
•
Reuters (legal)
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Everything Else that broke
- Idorsia outlines FDA-agreed Phase 3 registration program for lucerastat in Fabry disease. — PR
- China CDE clears IND for Ascentage Pharma's BTK degrader. — PR
- Akeso's ivonescimab gets NMPA Breakthrough Therapy Designation. — PR
- Adaptive Biotechnologies reports Q4 and full-year 2025 results. — PR
- US FDA clears IND for PharmaResearch's PRD-101 nano anticancer drug. — PR
- Real-world data supports Amtagvi treatment in advanced melanoma. — PR
Deal Flow
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BioBucks 2026 Deal Trackers • Updated weekly
⬇️
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M&A / BD&L
- Eisai and Henlius license anti-PD-1 serplulimab in Japan. — PR
- Coeptis shareholder approval advances Z Squared merger. — PR
VC / Private Financings
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Angitia Biopharmaceuticals closes a $130m Series D, co-led by Frazier Life Sciences and Venrock Healthcare Capital Partners; new investors include Ascenta Capital, BlackRock-managed funds/accounts, BVF Partners, Logos Capital, RA Capital Management, and Wellington Management. —
PR
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Third Arc Bio closes a $52m Series A extension (adds to a previously announced $165m Series A), led by new investor a16z with founding investor Omega Funds; additional investors include Goldman Sachs, BVF Partners, T. Rowe Price, Marshall Wace, Hillhouse, Galapagos, AbbVie Ventures, and Alderline Group. —
PR
IPOs / Follow-Ons
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SpyGlass Pharma prices IPO at $16.00 (midpoint), raising ~$150m gross; implied ~$511m market cap at IPO price, with reports the deal was multiple-times oversubscribed. —
PR
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Agomab prices IPO at $16.00 (midpoint), raising ~$200m gross; implied valuation ~$780m (vs up to ~$828.5m at the top of the marketed range). —
PR
Academic Corner
- Anti-CD19 CAR T cells for pediatric patients with treatment-refractory autoimmune diseases. — Nature Medicine
- Blood tests for Alzheimer’s disease could reshape research and care. — Nature Medicine
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