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Upfront Briefing
Pulmonary fibrosis biotech Avalyn Pharma filed for an IPO, while Sidewinder pulled in $137M to build “precision” ADCs — a neat split-screen of public appetite vs private patience.
On the capital markets side, Jeito raised €1.2B for what it called the largest fund ever raised by an independent biotech-focused private investment firm in Europe, reinforcing that specialist biotech capital is still available for scaled late-stage bets despite a choppy public tape.
Tape Action
| Instrument |
Last close |
1D % |
YTD % |
| S&P 500 |
6,782.8 |
+2.5% |
(1.1%) |
| Nasdaq 100 |
24,903.2 |
+2.9% |
(1.0%) |
| Russell 2000 |
2,620.5 |
+3.0% |
+5.6% |
| Healthcare (XLV) |
149.7 |
+2.1% |
(3.3%) |
| Biotech (XBI) |
130.7 |
+1.4% |
+7.1% |
| Nasdaq Biotech (NBI) |
5,923.0 |
+1.9% |
+3.8% |
| Clinical Trials (BBC) |
43.4 |
+0.9% |
+12.6% |
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- U.S. equities ripped higher after a ceasefire-driven collapse in oil prices eased the market’s most immediate inflation and growth scare: the S&P 500 jumped +2.5%, the Nasdaq 100 rose +2.9%, and the Russell 2000 gained +3.0%.
- Healthcare and biotech participated rather than lagged, with XLV up +2.1%, XBI up +1.4% and NBI up +1.9% — a sign that this was broad risk re-engagement, though biotech still trailed the highest-beta parts of the tape.
- Standout mover: Clinical Trials (BBC) added +0.9% and is now up +12.6% YTD, reinforcing that investors are still rewarding development-stage exposure when the macro tape stops actively working against it.
The Big 3
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1
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Avalyn Pharma files for IPO
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- Pulmonary fibrosis biotech Avalyn Pharma filed for an IPO, according to Bloomberg and Endpoints. The company is advancing AP01, inhaled pirfenidone, in a Phase 2b study in progressive pulmonary fibrosis and AP02, inhaled nintedanib, in a Phase 2 trial in idiopathic pulmonary fibrosis.
- Why it matters: This is not just an IPO-window datapoint — it is a financing readthrough on whether public investors will fund a clinical-stage respiratory company built around lung-targeted reformulations of already validated antifibrotic mechanisms. A good reception would support valuation for later-stage fibrosis names and suggest the market is willing to underwrite de-risking through delivery/tolerability, not only novel biology.
- Source: Endpoints
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2
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Sidewinder secures $137M financing to advance precision ADCs
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- Sidewinder secured $137 million to advance precision bispecific ADCs into clinical development. The oversubscribed Series B was co-led by Frazier Life Sciences and Novartis Venture Fund, with participation from OrbiMed, Life Sciences at Goldman Sachs Alternatives, DCVC Bio, Samsara BioCapital, Longwood Fund, Astellas Venture Management and Alexandria Venture Investments.
- Why it matters: The signal is not just runway. Investors are still willing to fund next-generation ADC differentiation at scale before human proof-of-concept when the platform aims to solve a real class limitation — here, tumor specificity and internalization via receptor co-complex targeting. For public investors, that supports the idea that differentiated ADC tooling remains scarce strategic inventory for large pharma rather than a crowded, commoditized sub-sector.
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Source:
Business Wire
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| 3 | Jeito raises €1.2B biotech fund |
- Jeito said it raised €1.2 billion for what it called the largest fund ever raised by an independent biotech-focused private investment firm in Europe, according to Fierce Biotech. The vehicle adds another large specialist pool of capital to the late-stage and crossover biotech financing stack.
- Why it matters: This is a capital-markets signal as much as a fund announcement. A €1.2B specialist raise suggests sophisticated LPs still want dedicated exposure to biotech despite a choppy public tape, which matters for how private companies think about runway, crossover support and the depth of demand for larger late-stage rounds. It also reinforces that Europe can still produce scaled sector funds rather than just seed and early-stage capital.
- Source: Fierce Biotech
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Everything Else that broke
- Biogen Phase II update bolsters BDCA2 in cutaneous lupus. — BioCentury
- Steve Ubl to step down as PhRMA CEO at year-end. — Endpoints
- Vanda starts Thetis study of NEREUS for GLP-1–induced vomiting. — PR
- Supira Medical says FDA approved SUPPORT II pivotal study in cardiogenic shock. — PR
Deal Flow
| BioBucks 2026 Deal Trackers • Updated weekly ⬇️
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M&A / BD&L
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Function acquires Getlabs. — PR
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Gilead discusses string of buyouts and deal strategy. — BioPharma Dive
VC / Private Financings
- Sidewinder secures $137M Series B, co-led by Frazier Life Sciences and Novartis Venture Fund; joined by OrbiMed, Life Sciences at Goldman Sachs Alternatives, DCVC Bio and Samsara BioCapital. — Business Wire
- Basilea gets additional $6M CARB-X funding for BAL2420. — PR
- Life Biosciences secures $80M Series D financing. — PR
IPOs / Follow-Ons
- Avalyn Pharma files for IPO. — Endpoints
- Ascendis Pharma to list ordinary shares directly on Nasdaq. — PR
Things that make you go hmmm ...
Oncology and Neuro are the Most Common Areas for Large Pharma In-License Deals. Source: Stifel
Academic Corner - Sequence Display enables large-scale sequence–activity datasets for rapid protein evolution. — Nature Biotech
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That’s it for today — may your S-1 be short, and your ADC CMC section… shorter. See you tomorrow. BioBucks Team
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