Back to the bear market? A Perspective

When I spoke with investors and bankers two months ago about the worst-case scenario for biotech markets in 2025, they were worried, but were not sure how seriously to take their fears. Three weeks into Trump 2.0, and with each passing day, those once-hypothetical fears are starting to feel far more tangible.

Central to biotech is when the IPO window will open up. And interest rates are central to that. The hopes for more activity in the first half were fast shelved to the next half; now some are eyeing 2026...