The biotech indexes outperformed the general markets last year, as investors piled into large-cap firms. A respectable $35.6 billion in funding was raised in 2012, excluding partnership monies. This compares to the 10-year annual average of $26.1 billion. Follow-on financings were strong, with 111 deals for $6.3 billion; $19.2 billion in debt was the third-highest year ever. Twenty-four companies floated, raising nearly $1.1 billion. Private biotechs raised $6.1 billion.
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Yang, W. 2012—Bullish for big biotech. Nat Biotechnol 31, 99 (2013). https://doi.org/10.1038/nbt.2504
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DOI: https://doi.org/10.1038/nbt.2504
