Corporate Investors Boost M&A Step-Ups, But Not IPOs
This article was originally published in Start Up
Corporate venture capital groups have made an impact on life science investing in recent years, but when it comes to going public, the biotechs they back aren’t seeing an extra boost.
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In our second annual Life Science Venture Survey, VCs paid their respects to the importance of corporate investors right now. For their part, corporate investors, many from long-established programs, said they are bullish about making more bets in early-stage companies.
New data show that including one or more corporate venture investors in a syndicate actually translates into a higher median step-up valuation.
Sangamo licensed Biogen zinc finger protein transcription factor candidates in an alliance worth over $2bn. Exercising an option it gained in 2017, Takeda bought celiac disease-focused PvP Biologics for up to $330m in earn-outs. A strong showing of IPOs prompted biopharma financing to increase from last month.