May 3, 2024
The 15 largest biotech fundraisings picked up ~$2.8B in Q1. Here's a look at some trends behind the numbers:
1. Biotech fundraising and sentiment is improving: HSBC noted that VC-backed biopharma companies raised $6.8B in the first quarter, the most since early 2022.
2. IPO markets are improving, but some companies are opting to stay private for longer, as witnessed by several later-stage rounds.
One of the most notable was FogPharma's $145M Series E, which comes as it progresses its promising β-catenin inhibitor for colorectal cancer through Phase 1/2 trials.
Recovering public market sentiment also enabled several solid IPOs: Kyverna Therapeutics, Viking Therapeutics, Inc. and CG Oncology all raised in excess of $300M each.
3. Several successful teams returned for a new gig:
The core team behind Prometheus (acquired by Merck last year for $10.8B) was behind San Diego based Mirador's massive $400M launch round.
And the co-founders of Karuna (acquired by BMS last year for $14B) launched Seaport Therapeuticswith a $100M Series A.
These fundraises demonstrate biotech sentiment is improving, which sets up the remainder of 2024 to be one of solid progress for the industry at large.
