Japanese Venture Investments in Biotech
This article was originally published in Start Up
As more of biotech's traditional venture capital sources look to devices and near-term plays such as specialty pharma, where can discovery-focused biotechs turn for funding? Recent fundraisings suggest Japan.
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The comparatively low-risk opportunity in antibiotics is quite attractive to VCs. But the risk reduction comes with a price--lower returns.
While START-UP first noted an industry-wide tendency to overestimate the prices IPO investors were willing to pay in early 2005, IPOs have regularly fallen short of the anticipated price ever since, with few exceptions.
While the venture capital community spent roughly the same in biopharma investments in 2006 as they did in 2005, they put considerably more money into mid-stage companies (Series B and C investments), and slightly less into Series A and mezzanine rounds, than they had in 2005.