Biotech financing
25WmEet
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<strong>Biotech</strong> <strong>financing</strong>: Europe<br />
Europe<br />
European biotechnology <strong>financing</strong>s by year<br />
Debt Follow-on and other IPOs<br />
Venture<br />
10<br />
9<br />
8<br />
7<br />
6<br />
US$b<br />
5<br />
4<br />
3<br />
2<br />
1<br />
0<br />
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015<br />
Source: EY, Capital IQ and VentureSource.<br />
The US wasn’t alone in setting consecutive <strong>financing</strong> records<br />
in 2015. European biotechnology <strong>financing</strong>s nudged upward<br />
in 2015 after soaring in 2014. The 3% year-on-year increase<br />
to US$9.9 billion is Europe’s all-time high and, as in the US,<br />
featured high-water marks for venture funding (US$2.5 billion)<br />
and follow-on rounds (US$3.7 billion). Europe significantly trailed<br />
the US, however, in debt <strong>financing</strong>, raising only US$2.3 billion in<br />
2015, about one-thirteenth what US-based companies amassed.<br />
A full third of the European debt came from Horizon Pharma’s<br />
two offerings totaling US$875 million. In addition to its debt<br />
raises, the Ireland-based specialty pharma also secured nearly<br />
US$500 million in a follow-on offering, making the company<br />
Europe’s most successful fundraiser in 2015.<br />
Europe’s biotech commercial leaders are, on the whole, less<br />
mature than their US counterparts, and this long-standing debt<br />
divide is likely to remain, unless several US biotech leaders seek<br />
mergers with Europe-domiciled competitors.<br />
Beyond borders 2016 — <strong>Biotech</strong> <strong>financing</strong><br />
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