Market Overview
US healthcare companies have raised $12.8B across 256 PIPEs in 2026 YTD, bringing the total since 2016 to $110.2B across 2,857 deals. Biotechnology accounts for 82% of this year’s capital and the average deal size of $50M is the highest since 2021.
Capital raised and deal count
Healthcare PIPE capital raised in 2026 YTD is $12.8B across 256 deals, within $0.1B of 2024’s full-year total of $12.9B. Annual capital raised peaked in 2021 at $19.9B across 333 deals.
Average deal size
The average healthcare PIPE has raised $50M in 2026 YTD, up from $35M in 2025 and the highest since 2021’s $61M. In 2016 the average was $20M.
Sub-sector mix
Biotechnology accounts for 82.1% of healthcare PIPE capital raised in 2026 YTD ($10.5B), up from 53% in 2016. Medical devices and instruments account for 7.7%, down from 15.1% in 2016, and medical diagnostics and research for 3.2%, down from 11.0%.
Discounts across offering types
Since 2022, US healthcare PIPEs have priced at an average discount to last trade of 1.9%. That compares with 3.7% for underwritten registered directs, 4.0% for unregistered blocks, 7.5% for registered blocks, 12.0% for marketed follow-ons and 14.3% for overnight follow-ons.
Post-IPO financing
Of the 184 US healthcare IPOs since 2022, 44.0% have since completed at least one PIPE, 15.8% at least one overnight follow-on and 8.2% both.
Explore the data
PIPEs and registered directs data is available in CMG DataLab, with time-stamped terms, investor information, allocations, pricing and warrant structure across 10+ years of history. To explore the underlying data, contact us.
Related reading
- PIPEs and Registered Directs Data, Now Available in CMG DataLab™: How buy-side and sell-side desks use PIPE and registered direct data to benchmark terms and build it into their workflows.
- US PIPEs & Registered Directs Market Overview: PIPE and registered direct issuance trends, pricing and investor participation across all US sectors through August 2026.
By Rhiannon Chelley
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