Biotech financing
25WmEet
25WmEet
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<strong>Biotech</strong> <strong>financing</strong>: US and Europe<br />
Key <strong>financing</strong> insights<br />
Innovation capital — cash raised by companies with revenues of<br />
less than US$500 million — in the US and Europe combined to<br />
reach its highest-ever total in 2015, eclipsing US$41.3 billion<br />
(dwarfing the 15-year average of US$17.4 billion). This total<br />
included all venture, IPO and nearly all follow-on deals for the<br />
year, as well as a smattering of smaller debt offerings. Large<br />
debt offerings by Gilead, Celgene, Amgen and Biogen comprised<br />
the vast majority of the US$29.7 billion raised by the sector’s<br />
commercial leaders, making innovation capital’s share of total<br />
<strong>financing</strong> only 58% for the year.<br />
Innovation capital in the US and Europe surpassed US$40 billion in 2015<br />
Innovation capital<br />
Capital raised by commercial leaders<br />
80<br />
70<br />
60<br />
50<br />
US$b<br />
40<br />
30<br />
20<br />
10<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 />
8 Beyond borders 2016 — <strong>Biotech</strong> <strong>financing</strong>
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