Amanda Rose and Ryan Mitteness Featured in Mergermarket on Biotech's 2026 IPO Rebound

Biotech's public markets are back open for business, and Fenwick partners Amanda Rose and Ryan Mitteness weighed in on what's driving the rebound in an interview with Mergermarket.

Twenty-one U.S. biotech IPOs have raised $7.85 billion so far in 2026, the strongest showing since 2021, alongside record-pace follow-on and convertible debt issuance, according to Dealogic figures cited in the article.

Mitteness pointed to a shift in investor appetite driving the reopening. "Demand from healthcare specialist funds and a growing segment of generalists has returned," he told Mergermarket, noting that strong aftermarket performance from recent deals is helping create a self-reinforcing cycle that draws more investors into subsequent offerings.

But the market's return is a selective one, Rose said. Investors are gravitating toward companies with clinical data, seasoned management teams, defined regulatory pathways and large addressable markets, meaning Phase 2 and Phase 3 companies are generally best positioned, while preclinical companies remain largely on the sidelines.

Rose also noted that many of this year's biotech IPOs have priced at a step-up of roughly 1.2–1.3x over their most recent private financing round, a marked change from the discounted terms companies often had to accept in prior years. She and Mitteness both pointed to metabolic therapies as an area drawing particularly strong investor interest.

Read the full article at Mergermarket (subscription required).