Biotech financing

Biotechs in the US and Europe raised an impressive US$3.5 billion
in 235 seed and Series A financings, setting records for both
dollars raised and deal volume. Boston Pharmaceuticals
raised the largest-ever biotech seed investment, pulling in
US$600 million in November 2015 from Gurnet Point Capital,
a US$2 billion life sciences and health care investment firm
founded by Serono billionaire Ernesto Bertarelli and helmed by
former Sanofi CEO Chris Viehbacher.
Gurnet is not an ordinary VC, and Boston Pharma isn’t an
ordinary biotech. The company is pursuing an alternative searchand-develop
model more typical of specialty pharma to bring
in early-stage clinical assets and shepherd them through to
Phase III.
In Europe, the immuno-oncology start-up Immunocore raised a
US$313 million Series A and earned a valuation of US$1 billion
in Europe’s largest-ever venture round.
US and European early-stage venture investment reached unprecedented heights
Capital raised
Number of deals
4
240
3
180
2
120
1
60
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
0
Source: EY, Capital IQ and VentureSource.
Early-stage is defined as Seed or Series A investment.
Beyond borders 2016 — Biotech financing
9