Biotech IPOs are on the come­back trail.

Fi­bro­sis-fo­cused Agomab Ther­a­peu­tics and eye dis­ease com­pa­ny Spy­Glass Phar­ma will go pub­lic on Fri­day in re­spec­tive $200 mil­lion and $150 mil­lion Nas­daq de­buts. Those floats fol­low list­ings ear­li­er this week from two late-stage biotechs: Roger Perl­mut­ter-led Eikon Ther­a­peu­tics and oral Ro­gaine de­vel­op­er Ve­r­a­der­mics.

All told, the four biotechs ex­pect to reel in $987 mil­lion from their pri­vate-to-pub­lic tran­si­tions this week. That makes it the biggest week for biotech IPOs since a nine-list­ing, $1.03 bil­lion week in Ju­ly 2021, ac­cord­ing to an End­points News analy­sis.

The in­dus­try whip­sawed short­ly af­ter that sum­mer's fren­zy. Biotechs un­der­went a four-year down­swing in IPOs, hun­dreds of rounds of lay­offs, count­less pipeline culls, com­pa­ny shut­ter­ings, the rise of Chi­na's bio­med­ical R&D sec­tor, and a par­tic­u­lar­ly bru­tal sev­en-month IPO dry spell in 2025 that end­ed in Sep­tem­ber as the mar­ket be­gan to heat up.

Bio­gen and Ei­sai's Alzheimer’s drug Leqem­bi ap­pears to have reached some sta­ble growth af­ter a bumpy cou­ple of years.

Leqem­bi gen­er­at­ed $134 mil­lion in fourth-quar­ter sales world­wide in 2025, jump­ing 54% from the pre­vi­ous year and 11% from the third quar­ter. The re­port comes af­ter Ei­sai last year slashed its Leqem­bi sales fore­casts for 2027 in half, cit­ing “de­layed up­take in the US mar­ket.”

Bio­gen CEO Chris Viehbach­er, speak­ing dur­ing his com­pa­ny’s fourth-quar­ter earn­ings call, at­trib­uted the rise to the pro­por­tion of pa­tients who kept tak­ing Leqem­bi af­ter the ini­tial 18-month treat­ment pe­ri­od. About 70% of pa­tients pro­ceed­ed in­to what’s known as the main­te­nance phase, Bio­gen es­ti­mates.

“We don't re­al­ly have clear da­ta about how many pa­tients ac­tu­al­ly go on to main­te­nance, since we re­al­ly on­ly know how many vials we sell,” Viehbach­er said. “But the da­ta that we do have sug­gests that there is this per­sis­ten­cy of about 70%.”

⏸️ UniQure paus­es mid- and high-dos­es in Fab­ry gene ther­a­py study: The com­pa­ny re­port­ed that two pa­tients who re­ceived a 4x10¹³ genome copies per kilo­gram (gc/kg) dose faced grade 3 liv­er en­zyme el­e­va­tions. That comes af­ter the com­pa­ny said last year that a pa­tient who re­ceived the high 6x10¹³ gc/kg dose al­so ex­pe­ri­enced el­e­vat­ed liv­er en­zyme lev­els. The biotech has paused dos­ing at both dose lev­els, though it is al­so study­ing a low­er 2x10¹³ gc/kg dose. UniQure re­port­ed at the WORLDSym­po­sium on Fri­day that six of 11 pa­tients treat­ed with its gene ther­a­py no longer re­quire en­zyme re­place­ment ther­a­py. — Lei Lei Wu