Despite a summer of blockbuster rounds, biotech funding is on track to level off at pre-pandemic norms
It might appear as though the private biotech sector is approaching a thaw. In recent weeks, a Flagship startup raised $273 million, an RNA company put together $200 million, and even a preclinical radiopharmaceutical biotech secured $175 million.
But under the microscope, the reality is much more complicated.
Private biotech financing has remained largely flat for much of the year, according to PitchBook data as of Monday. The sector pulled in roughly $5 billion each quarter in 2023. That’s high compared to historical levels, Atlas Venture partner Bruce Booth tells Endpoints News, but well below the Covid-19 pandemic boom years of 2020 and 2021.
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