Biotech financing
25WmEet
25WmEet
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<strong>Biotech</strong> <strong>financing</strong>: Europe<br />
European innovation capital by year<br />
Innovation capital<br />
Capital raised by commercial leaders<br />
10<br />
9<br />
8<br />
7<br />
US$b<br />
6<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 />
Innovation capital is the amount of capital raised by companies with revenues of less than US$500 million.<br />
Of the nearly US$10 billion in capital raised by European<br />
biotechs, US$9.1 billion (91%) was innovation capital. This<br />
total represents a 29% increase over 2014’s then-record<br />
US$7.0 billion. As in the US, European biotech <strong>financing</strong>s<br />
dwindled in the second half of the year, especially the fourth<br />
quarter. Only about 30% of the total capital was raised in the<br />
second half of 2015 (US$3 billion of the total), though venture<br />
capital bucked the trend, with about two-thirds of Europe’s<br />
2015 venture <strong>financing</strong> raised in the second half of the year.<br />
20 Beyond borders 2016 — <strong>Biotech</strong> <strong>financing</strong>
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