VC Roundup: More Funds Raise Cash For Biotech; Morphic Closes $51.5m Series A
Executive Summary
Five venture capital firms raised new funds to finance biopharma companies in June and five therapeutics developers closed early-stage funding rounds during the last week of June.
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Finance Watch: Morphic's 'Smooth' Progress With Oral Integrin Inhibitors Justifies $80m Series B
Private Company Edition: Morphic raises $80m to take its first two integrin inhibitors into the clinic for fibrosis and inflammatory bowel disease. Also, Hillhouse has a new $10.6bn private equity fund for health care and other investments, and Atreca closes a $125m Series C.
Finance Watch: Lilly Completes Elanco Animal Health Spin-Out As New IPO Filings Keep Rising
Public Company Edition: Eli Lilly & Co. wasted no time spinning out its animal health business Elanco, which raised $1.5bn in its public debut. Also, as the biopharma IPO tally rises, Vivo Capital launches a new public life science company fund. Meanwhile, Concordia completes its recapitalization.
Half of 2016 Biotech IPOs Positive At Mid-Year; 2015 Success Rate Sours
It hasn't been easy for biopharmaceutical firms to go public in the US during 2016, but as of the end of June the scrutiny seems to be paying off – at least for investors in half of this year's first-half initial public offerings.