Private drug developers raised less last year than in 2018, but cash remains plentiful and mega rounds abound.
A stock market rebound created a strong finish for biopharma flotations in 2019, with four $100m-plus floats, led by Phathom Pharmaceuticals.
A big valuation at float is no guarantee of ongoing investor support, as a look at the sector’s biggest IPOs reveals.
Only seven drug developers managed to float on Western exchanges in the third quarter, and new issues in October have struggled, with Biontech the latest example.
The latest venture capital numbers suggest that 2019 will see a healthy amount raised, but the falling number of rounds could be a worry.
The biotech financing scene in Europe continues to be dwarfed by the US, but on some measures the region is on an even footing.
As J&J tears up a licensing deal with Alligator, CD40 agonism might join the likes of Ox40 and IDO as an immuno-oncology approach that has failed to deliver.
The second quarter saw start-ups raise the smallest venture capital haul in two years, as the number of mega rounds declined.
Venture funding drops again, but there’s no need to panic yet.