But financing sizes have grown by a similar amount on both sides of the Atlantic.
After revealing plans to buy one of its holdings out of a Spac, Roivant itself moves towards a blank-cheque company listing.
The first quarter of 2021 sets a new record, but the tide might be starting to turn.
The radiopharmaceutical researcher was negotiating a series B funding round when it got an offer from a Spac that it could not refuse.
A lot of money is sloshing around, and medical device start-ups are reaping the benefits.
Immunovant, the poster child for the hot new biotech flotation vehicle, might soon go private again.
The boom in blank-cheque companies could offer small UK developers a new route to a US stock market listing.
The clock is ticking for the flood of blank-cheque companies that raised money last year, and competition is only getting hotter.