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Biotech’s baby boom


2018 was the year when the funding machine for privately held biotech companies went into overdrive, with mega-rounds and rapid flotations. John Hodgson brings us this deep dive.

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Correspondence to John Hodgson.

Integrated supplementary information

  1. Supplementary Figure 1 Private biotech company exits.

    a, Nasdaq Biotechnology Index (annual mean), 2009–2018. b, IPOs and M&As, 2010–2018. Source: Dow Jones VentureSource, Nasdaq.

Supplementary information

  1. Supplementary Information

    Supplementary Figure 1

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Fig. 1: Global amount and number of financings raised by venture capital funds, 2007–2018.
Fig. 2: Average amount venture capital raised per round in the United States, Europe and China, 2014–2018.
Fig. 3: The evolution of the A round.
Fig. 4: $100-million-plus round evolution.
Fig. 5: Private biotech company exits.
Fig. 6: Biotech is not special.
Supplementary Figure 1: Private biotech company exits.