Biotech raised $6bn in 2014 venture capital; most since 2007
This article was originally published in Scrip
Biotechnology companies ended 2014 with $6bn in new venture capital in their pockets, which was the biggest annual total since 2007, but that's after private startups and early-stage businesses raised $2bn in the fourth quarter alone – the biggest single-quarter total in at least 19 years.
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Bristol Myers Squibb brought the last of nine new drugs to market last year – all needed to help it overcome three big losses of exclusivity this decade – so the focus this year is commercial execution.
Executives told Scrip the company is ready to move five programs into Phase III and launch five products this year, including an obesity indication for Mounjaro, but one drug has since received a CRL.
Recent financings, including the $150m launch of Pathalys and a planned $100m IPO for Mineralys, illustrate the reality of biopharma funding in 2023 – that having near-term clinical trial milestones are key to fundraising this year. Companies with dwindling cash are conserving the funds they have left.