Biotech benefits as VC firms raise cash in Q2
This article was originally published in Scrip
US venture capital firms raised $10.3bn during the second quarter of 2015 – the highest quarterly total since the fourth quarter of 2007, according to the National Venture Capital Association (NVCA) – and roughly $2bn of the newly raised cash may be invested in biotechnology companies.
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Newly renamed Flagship Pioneering has raised a $285m venture capital fund to remain invested in portfolio companies as they grow. Also, 12 new and growing biopharma companies raised $657.15m.
Flagship Ventures has recruited former Merck Chief Medical Officer Michael Rosenblatt as its CMO to mentor biopharma startups in the venture firm's portfolio – a hire that appears to be the first of its kind.
Public company valuations continue to slide as stock market investors shift priorities, but private biotechnology firms are attracting near record-breaking levels of venture capital with one pretty important caveat: More money is being invested in fewer US companies, especially at the earliest stages of business formation.