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How heavily is undergrad or grad coursework weighed by firms? Is it like IP?
Is an undergrad major in bio/public health enough to be considered for life sciences practice? Or is graduate work necessary?

It depends on the firm. At my firm, associates are not required to have had formal training in bio/pubic health. However, most of the work that we do (at least in my office) is revolved around mass torts/products liability issues so there isn't a pressing need for bio/etc.

"Life sciences" is a bit vague, but if you mean doing corporate work for life science companies, you're fine without any science training (I'm a mid-level doing that kind of work and I was a liberal arts major).

IP might be different (and no idea how lot works), though even then I know life sciences licensing associates without special course work either.