While biotech indices fell, 2021 saw private companies raise the largest amount of venture capital ever.
Private drug developers have already raised more money this year than in 2020.
Private device makers enjoy the biggest quarter for four years – and the average deal is larger than ever.
Biopharma scores a $5bn quarter as another big year builds for venture financing.
Find out where the venture money has been flowing in our new report on biopharma investment trends, free to download now.
A sudden increase in seed and series A funding bodes well for the year ahead.
But financing sizes have grown by a similar amount on both sides of the Atlantic.
Many corporate-backed funds remain enthusiastic venture investors, but some might be hitting the brakes.
With a record $7.1bn raised in the first quarter the cash available to private drug developers shows no signs of drying up.