TRexBio and Retension raise $161.7M in IPOs as biotech fundraising surge continues

TRexBio and Retension Pharmaceuticals are slated to begin trading on Friday, together raising $161.7 million. Their offerings push the number of biotech IPOs this year to 29, underscoring a continued rebound in the sector.

TRexBio led the round with a $116.7 million Nasdaq offering, selling 8.3 million shares at $14 each, at the low end of its $14‑$16 guidance. Underwriters received a 30‑day option to purchase an additional 1.25 million shares at the same price.

Eli Lilly disclosed a direct holding of 5.4 million TRex shares and previously partnered with the company on a biobucks deal valued at over $1.1 billion to develop immune‑mediated therapies. TRexBio plans to use the new capital to advance its early‑stage fusion protein candidate, TRB‑061, for atopic conditions. City Therapeutics and Iambic Therapeutics have also outlined proposed terms for upcoming offerings, aiming to add to the IPO tally.