The US biopharma VC landscape has been transformed over the last four years. The free-flowing capital of the pandemic sugar rush era peaked in Q4 2020, after which the IPO window snapped firmly shut in the last quarters of 2022. The next year for biotech was even worse in most respects: IPOs down, VC down, M&A down, licensing deals down. However, despite lower deal numbers and total capital deployment, reported valuations appeared to hold firm and start recovering in late 2023. This white paper provides insightful and in-depth analysis of the US biopharma VC landscape.
US Biopharma VC landscape
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