Biopharma venture funding returned strong in 2024, backing high-potential therapies across obesity, oncology, cardiovascular, and immune diseases. DealForma tracked strong confidence in metabolic treatments, cell and gene therapies, and precision medicine. Kailera Therapeutics launched with a $400 million series A to develop next-generation obesity therapies, securing global rights to four metabolic assets, including its lead GLP-1/GIP dual agonist, KAI-9531. Arsenal Biosciences raised $325 million in a series C to advance its cancer cell therapy pipeline, including ovarian and kidney cancer programs, bringing its total funding to $700 million.
Metsera emerged from stealth with $290 million to challenge weight-loss drug leaders with injectable and oral candidates targeting gut hormone pathways. Cardurion Pharmaceuticals secured $260 million in a series B to fund Phase 2 trials for its cardiovascular drug candidates, CRD-750 and CRD-4730. Alumis Inc. closed a $259 million series C to advance ESK-001, a TYK2 inhibitor, into Phase 3 trials for psoriasis and expand its autoimmune pipeline.
In 2024, global biopharma therapeutics and platforms secured $27.0 billion across 438 funding rounds, averaging $66 million per round. An increase from 2023, when 464 rounds raised $23.2 billion, an average of $56 million per round.
Between 2023 and 2024, 902 funding rounds raised $50.2 billion. While the number of deals declined slightly from 2023 to 2024, total and average funding per round increased.
U.S. Biopharma Therapeutics and Platforms Ventures
In 2024, U.S. biopharma therapeutics and platforms secured $19.9 billion across 260 funding rounds, averaging $82 million per round. This compares to 2023, when 278 rounds raised $16.5 billion, with an average of $65 million per round.
Over 2023 and 2024, U.S. biopharma therapeutics and platforms saw 538 funding rounds, raising a total of $36.4 billion. While deal volume declined, total capital and average funding per round increased from 2023 to 2024.
Europe Biopharma Therapeutics and Platforms Ventures
In 2024, Europe’s biopharma therapeutics and platforms sector secured $5.1 billion across 125 funding rounds, averaging $43 million per round. This compares to 2023, when 109 rounds raised $3.9 billion, with an average of $39 million per round.
Across both years, these ventures raised $9.0 billion through 234 rounds, reflecting a rise in deal count and funding levels from 2023 to 2024.
Biopharma Venture Funding by Series
In 2024, biopharma ventures secured $27.0 billion across 438 rounds. Series A led with $8.7 billion, followed by series B ($8.0 billion), series C ($3.9 billion), series D and beyond ($2.2 billion), seed funding ($1.2 billion), and unspecified private deals ($2.9 billion).
In 2023, biopharma ventures raised $23.2 billion across 464 rounds, led by series A ($7.9 billion) and series B ($6.8 billion), followed by series C ($3.2 billion), seed funding ($1.2 billion), series D ($1.4 billion), and unspecified private deals ($2.7 billion). Over both years, total investment reached $50.2 billion across 902 rounds, reflecting a slight drop in deal count but increased overall funding in 2024 compared to 2023.
Top Therapeutics Areas for Venture in 2024
Cancer-focused ventures led biopharma funding, securing $10.3 billion across 169 rounds, averaging $65 million per round. Neurologic followed with $3.2 billion from 63 rounds ($56 million average), then autoimmune at $2.4 billion from 28 rounds ($92 million average). Endocrine/metabolic ventures raised $2.3 billion across 27 rounds, averaging the highest at $103 million per round, while inflammation secured $1.3 billion from 17 rounds ($79 million average). In total, these leading therapeutic areas secured $19.4 billion across 304 funding rounds.
Top Biopharma Technologies for Venture in 2024
Biologics (antibodies, DNA, RNA, proteins, etc.) led biopharma therapeutic technology funding with 137 rounds totaling $8.8 billion, averaging $71 million per round. Small molecule ventures followed closely, raising $8.1 billion across 136 rounds ($63 million average). Cell therapy secured $1.8 billion from 40 rounds ($47 million average), while immunotherapy raised $1.4 billion through 26 rounds ($55 million average). Gene therapy and vectors saw 13 rounds totaling $580 million ($48 million average), and gene editing/CRISPR completed 5 rounds, raising $205 million at $68 million per round. Overall, these technologies raised $20.8 billion across 357 rounds.
Top Ventures – 2024
Kailera Therapeutics – Series A – $400M – October 2024
Kailera Therapeutics, a clinical-stage biopharma company, launched with $400 million in series A funding led by Atlas Venture, Bain Capital Life Sciences, and RTW Investments. The company develops next-generation injectable and oral therapies for obesity and related conditions. Kailera secured global rights (excluding Greater China) to four metabolic assets from Jiangsu Hengrui Pharmaceuticals. Its lead candidate, KAI-9531, an injectable GLP-1/GIP dual agonist, showed strong Phase 2 results in China. Other programs include an oral GLP-1 agonist (KAI-7535), an oral version of KAI-9531, and KAI-4729, a GLP-1/GIP/glucagon tri-agonist.
ArsenalBio – Series C – $325M – September 2024
Arsenal Biosciences raised $325 million in a series C round, one of the largest biotech fundings this year, defying the downturn in cell and gene therapy investment. The funding will support its pipeline of cancer cell therapies, including early-stage ovarian and kidney cancer treatments and research collaborations with Bristol Myers Squibb and Roche. Since its 2019 spinout from the Parker Institute for Cancer Immunotherapy, ArsenalBio has secured $700 million in equity and partnership funding. Arsenal Biosciences will use the funds to advance its lead programs and expand its pipeline of solid tumor therapies using its proprietary T cell engineering technology, including logic gating.
Metsera – Series Unspecified – $290M – April 2024
Metsera emerged from stealth with $290 million in funding to compete with Novo Nordisk and Eli Lilly in the weight-loss drug market. Its pipeline includes a Phase I injectable GLP-1 receptor agonist, a dual amylin/calcitonin receptor agonist (DACRA) combined with a GLP-1 agonist, and a GLP-1/GIP/Glucagon candidate paired with DACRA. Metsera is also advancing an oral peptide delivery platform with two IND-ready candidates and additional early-stage programs. Sourced from a proprietary library of 20,000 gut hormone peptides and peptide/antibody conjugates, its portfolio aims to deliver scalable, sustainable, and personalized weight-loss solutions.
Cardurion Pharmaceuticals – Series B – $260M – July 2024
Cardurion Pharmaceuticals secured a $260 million series B round, led by Ascenta Capital with participation from Bain Capital and other investors, to advance its cardiovascular drug pipeline. The funding will support late-stage trials for its two lead candidates: CRD-750, a PDE9 inhibitor targeting both types of heart failure, and CRD-4730, a CaMKII inhibitor. Both drugs are currently in Phase 2 clinical trials, aiming to challenge the statin-dominated cardiovascular market.
Alumis – Series C – $259M – March 2024
Alumis Inc. raised an upsized $259 million series C to fund pivotal Phase 3 trials for ESK-001, a highly selective TYK2 inhibitor, in moderate to severe plaque psoriasis. The financing will also support ongoing Phase 2 trials for ESK-001 in systemic lupus erythematosus (SLE) and non-infectious uveitis, as well as further development of its precision data analytics and multi-platform approach. Additionally, funds will advance A-005, a TYK2 inhibitor for neuroinflammatory diseases, and other early-stage pipeline programs.
Also check out Ventures – Biopharma Therapeutics & Platforms – 2023
