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.
Sanofi has followed a 2015 deal with an €80m stake, joining Lilly and Pfizer as an investor in Biontech.
The two companies disagree on the commercial potential of an mRNA flu vaccine, and Biontech just got Pfizer’s buy-in.
Cell and gene therapy companies dominate the first quarter, but companies outside these fashionable areas are finding it harder to charm VCs.