Troubled Immunocore Reawakens With New $130m Funding
Company Diversifies Into Hepatitis B
After a record breaking Series A fundraising, the UK biotech hit a series of problems. Can a new CEO and new funding help it fulfil its promise?
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Private Company Edition: Last year set a high bar for venture capital, but this year is starting strong. Recent VC mega-deals include $500m for EQRx and $230m-plus for Tessera Therapeutics. Also, BioGeneration Ventures closed a €140m ($170.2m) fund and NewAmsterdam raised a $196m series A.
During Q1, biopharmas brought in an aggregate $13.8bn in financing. M&A value reached $6.9bn, the majority from Gilead Sciences $4.9bn purchase of immuno-oncology firm Forty Seven. Alliances fetched $35bn in potential deal value, dominated by many Big Pharma tie-ups led by a $4bn discovery and development collaboration between AstraZeneca and Silence Therapeutics for siRNA therapeutics.
Once seen as the champion of biotech start-ups, Woodford’s blind faith has shackled firms to unrealistic valuations.