Novo-backed Avalyn raises $300m as biotech IPOs roar back
Avalyn Pharma priced its IPO at the top of range and upsized to $300 million, making it one of 2026's largest biotech debuts. The inhaled lung disease specialist targets 100,000 US patients with reformulated versions of approved drugs Esbriet and Ofev, avoiding the oral side effects that plague current treatments. Novo Holdings backs the Boston company with 13% ownership, betting $150 million of IPO proceeds on Phase 3 trials. The biotech IPO median has soared past $287 million in 2026, double last year's figure, as investors warm to derisked drug development over moonshot research.
Sources
- Avalyn Pharma IPO for idiopathic pulmonary fibrosis — BioPharma Dive
- Avalyn aims for IPO to fund Phase 3 trials — FierceBiotech
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