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author：explore 2025-10-01 10:59:30 - browse：7496

Adam's take main illustration — Molly Ferguson/STAT

Biotech is awash in PIPEs.

The numbers behind these privately negotiated purchases of public-company stock are astounding. By my count, there have been 30 PIPE transactions involving public biotechs and institutional investors (mostly hedge funds) that have raised $4 billion in the first two months of the year.

Just this week, five biotechs have brought in a combined $950 million via PIPEs, including Denali Therapeutics raising $500 million, the largest such financing this year. Crinetics Pharmaceuticals raised $350 million.

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