As the biotech funding game changed, TCGX altered course — and now they’re back with $1B for round two
When Chen Yu and his team at TCGX set out in early 2021 with some $800 million to invest in biotech, he had set out to fund both public and private biotechs with a plan to split it at 50/50. Unusually, that didn’t include any caps. They could go 100% in either direction.
Then, the biotech world changed radically. And the TCGX team — the X stands for Crossover — changed pace as the biotech winter set in on Wall Street. Instead of doing equal amounts in public and private financings, they shifted to roughly 75% public. As the public market soured, the follow-on strategy for raising funds foundered, and syndicates, including TCGX, stepped in to fill the void.
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