The BioCentury 100 declined 14% from its all-time high on February 27, but still ended higher than the general indices. Excluding partnership monies, $19 billion was raised—the highest amount since 4Q11. Private companies raised $1.9 billion. Thirty-six companies raised $2.6 billion going public, with 95 firms raising $6.5 billion over the past 15 months). Demand for follow-on financings and private investments in public equity (PIPEs) was also up. Debt financings totaled $8 billion, led by a $4-billion note by Gilead (Foster City, CA, USA).
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Yang, W. 1Q14—Companies flush, investors snatch profits. Nat Biotechnol 32, 410 (2014). https://doi.org/10.1038/nbt.2904