Last year's biotech stocks substantially outperformed the general markets, with the BioCentury 100 and NASDAQ Biotechnology indices showing >25% gains over the S&P 500 and NASDAQ Composite. Excluding partnership monies, a total of $36.7 billion was raised, on par with 2012. The first IPO window since 2007 brought in $3.8 billion, up 168% from 2012; follow-on offerings ($10 billion) were also up 58% from 2012; but debt deals were down from 2012's $19.6 billion. Private company fundraising came in at around the 2008–2012 annual average of $5.5 billion.
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Yang, W. 2013—biotech back in the saddle. Nat Biotechnol 32, 126 (2014). https://doi.org/10.1038/nbt.2826