Excluding partnership monies, biotechs raised $110 billion in 2015, more than double 2014's second-largest total of $54.9 billion. Follow-on offerings reached new heights of $29.7 billion, and debt accounted for $52.7 billion, driven by a handful of large caps, including a $10 billion note by Gilead. Initial public offerings were $8 billion, down from 2014's $9 billion high but ahead of the $3.3 billion 5-year average. Private financings reached a record $12.2 billion, led by a $450 million round by Moderna.
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Yang, W. 2015—another banner year for biotech. Nat Biotechnol 34, 127 (2016). https://doi.org/10.1038/nbt.3480
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DOI: https://doi.org/10.1038/nbt.3480
