Startups Stand Out As 13 Biotechs Raise More Than $409m
This article was originally published in Scrip
Venture capital and other private equity investment is booming with 13 recent drug developer financings totaling more than $409m, including 10 startups with some large Series A rounds, showing that the biotechnology industry remains attractive to investors even if the window is closing for initial public offerings in the US.
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Private Company Edition: Investments by CIRM, the GHIT fund and the European Investment Bank back early-stage science and treatments for neglected diseases. Also, Versant Ventures raises $700m in two funds. In VC deals, Akero raised $70m, Impel NeuroPharma brought in $67.5m.
Pharma and biotech companies raised $4.6bn in the first quarter, exceeding the 2017 quarterly average by $1.4bn. But while the money invested soared, the number of companies funded sank. In public financings, MorphoSys commences US IPO and Mylan sells $1.5bn in notes.
Five funds raised more than $1bn to back biotech firms; Arcus leads recent VC rounds with $107m GV-backed Series C; Celgene, Valeant sell notes to retire debt; and Alnylam cashes in on investor goodwill.