LifeSciencesPracticeWhatearly-stageinvestingrevealsaboutbiotechinnovationPublicfundingforbiotechremainstenuous,butin2022and2023venturecapitalistshavecontinuedtopourmoneyintoinnovativeplatformsthatcouldrevolutionizethesector.ThisarticleisacollaborativeeffortbyEmilyCapra,ChristianFougner,OlivierLeclerc,AhtiMäkitie,AnthonySuberski,andMichelleSuhendra,representingviewsfromMcKinsey’sLifeSciencesPractice.December2023Inrecentyears,biotechpublicmarketshavemorethan250biotechshaveinitiatedlayoffsstruggledtostageameaningfulcomeback.Thein2022and2023.ManyofthesecompaniesS&PBiotechnologySelectIndustryIndexenteredhavealsostreamlinedtheirprojectpipelinestofourthquarter2023morethan50percentlowersafeguardtheiravailablecashrunway.3thanitspeakinFebruary2021,andonly30biotechshaveundergoneanIPOinthefirstthreequartersAmidachallengingpublic-marketenvironment,of2023versus114IPOsin2021(Exhibit1).1Totalventurecapital(VC)fundinghasprovidedamuch-biotechIPOfundinghasdroppeddramatically,withneededlifelinetofuelbiotechinnovation.Despiteonly$3.4billionraisedinthefirstthreequartersofalsoregisteringadeclineafterpeakingin2021,2023versus$16.0billioninthefirstthreequarterswithseveralinvestmentsoccurringindownorflatof2021.2Inresponsetothisdifficultenvironment,rounds,4VCfundinghasconsistentlyremained1S&PCapitalIQ,accessedOctober2023.2Ibid.3Annale...
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