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       2025-09-27 07:36:47 
   
      
           
      
           
                        
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                                      author：comprehensive   
                                        
                                      
                                      Page View：5935
                                  
                                    
          
                                   
          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.
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          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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