Public markets continued their swoon over biotech. Up 21% in 3Q13, the BioCentury 100 surpassed on October 1 its all-time high set in March 2000. Public offerings also continued their roll, new issues raising $1.3 billion ($2.9 billion since January now approaching 2007's $3.1-billion high) and follow-ons up 24% from 3Q12. Overall funding (excluding partnership) declined by 12% to $11.5 billion (compared with 3Q12), largely due to fewer jumbo debt deals. Venture money decreased 33% to $1.2 billion from a year ago.
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Yang, W. 3Q13—IPOs continue to roar. Nat Biotechnol 31, 955 (2013). https://doi.org/10.1038/nbt.2745