Biotech financing
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<strong>Biotech</strong> <strong>financing</strong>: Europe<br />
European venture capital by year<br />
Total amount raised<br />
Average deal size<br />
15<br />
12<br />
9<br />
6<br />
3<br />
0<br />
Source: EY, Capital IQ and VentureSource.<br />
European biotechs raised US$2.5 billion in venture capital<br />
in 2015, a new record aided in part by participation from<br />
corporate venture capitalists and other non-traditional sources<br />
of capital, including the relative biotech newcomer Woodford<br />
Investment Management. The average deal size also reached a<br />
new high, US$12.1 million. Meanwhile, the 204 venture rounds<br />
were the continent’s highest since 2012. The year featured<br />
11 venture rounds of at least US$50 million and four rounds<br />
topping US$100 million. Unsurprisingly, oncology-focused<br />
biotechs provided a significant funding boost, with Immunocore,<br />
Merus, ADC Therapeutics and Symphogen leading the way. The<br />
anti-infectives specialist Nabriva Therapeutics, a 2006 spin-out<br />
from Sandoz, raised Europe’s second-largest venture round, an<br />
April 2015 US$120 million Series B led by crossover investors<br />
Vivo Capital and Orbimed Advisors. Nabriva followed that<br />
mezzanine round with its NASDAQ IPO, which raised US$106<br />
million in September 2015.<br />
22 Beyond borders 2016 — <strong>Biotech</strong> <strong>financing</strong>
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