After huge day, more follow-ons lift week’s total to nearly $4.5B: Public Equity Report

More investor cash poured into biotech start-ups late this week, adding to a total that had already exceeded $3.2 billion in a single overnight ahead of Wednesday’s session.

By Friday, a dozen public biotech companies had drawn nearly $4.5 billion in follow-ons, a sum about three times as big as the total raised in any previous calendar week during 2025 (see Chart). The week’s total was further buoyed by six companies’ underwriters exercising their overallotment options...