Ventures – Biopharma Therapeutics & Platforms – 2023

Ventures - Biopharma Therapeutics & Platforms – 2023

Biopharma ventures in 2023 encountered a turbulent period, marking significant challenges in fundraising. Early-stage and VC financings were predominantly affected, with companies grappling to secure funding. Despite challenges industry closed the year with $20.9 billion from 426 rounds, indicating resilience within adversity. The overall trend showed a decline in total proceeds and the number of deals compared to the previous year. Companies that did secure funding were able to secure meaningful runways for their operations. The average proceeds per deal in 2023 slightly surpassed those of 2022, with an average of $48.5 million compared to $47.1 million. Aiolos Bio’s Series-A round was prominent among the financings, with an impressive $245 million, making it the most significant of Q4 2023.

Venture Totals - Biopharma Therapeutics and Platforms

In 2022, 520 funding rounds accumulated an impressive $24.3 billion. However, 2023 saw a slight decrease in rounds to 426, with a total raised of $20.9 billion. Despite reduced rounds, the cumulative funding for these years reached $45.2 billion.

Top Therapy Areas – 2023

Top Therapeutic Areas for Venture - 2023

Cancer led the pack with 155 funding rounds, securing $7.5 billion in ventures for 2023. Neurologic, with 47 rounds and $2.2 billion, followed closely. Endocrine/metabolic, ophthalmic, and autoimmune raised $1.66 billion, $1.62 billion, and $1.45 billion, respectively. Our data showed a range of health concerns, from infectious diseases (40 rounds, totaling $1.1 billion) to cardiovascular conditions (16 rounds, totaling $623 million). While the funding differed for each category, the combined total was an impressive $19.4 billion across 388 rounds.


Top Technologies – 2023 Top Biopharma Technologies for Venture – 2023

Small molecule had 124 funding rounds, gathering $6.3 billion in 2023. Biologics, encompassing Antibodies, DNA, RNA, and Proteins, closely trail with 118 rounds and $6.1 billion in funding. Significant progress is apparent in emerging fields like cell therapy (41 rounds, $1.9 billion) and gene therapy with vectors (21 rounds, $1.6 billion). Immunotherapy secured 23 rounds and $1.2 billion, while gene editing and CRISPR had 7 rounds and $340 million. Combined, these technologies accumulated $17.4 billion through 334 rounds.

Total, All Venture, Companies Developing CAR-T

2022 only had 2 funding rounds, raising $43 million for CAR-T. However, 2023 saw a single round surpassing the combined total of the previous year, reaching $75 million.

Ventures In Drug Discovery

Total, All Venture, AI/ML-Based Drug Discovery

In 2022, 34 funding rounds had an investment of $1.01 billion. Despite decreasing to 32 in 2023, the total amount raised surged to $1.45 billion. Together, the last two years had a robust investment of $2.47 billion across 66 funding rounds.


Venture Deals – 2023

  1. Orbital Therapeutics Series-A Funding Highlights – (April 2023)

Amount Raised: $270 million
Focus Areas: Next-generation vaccines, immunomodulation, and protein replacement therapies. Broaden the scope of RNA-based medicines across various human diseases.
Collaboration: Collaboration with gene editing leader Beam Therapeutics. Versatile applications from advancing RNA vaccines to developing therapies for autoimmune diseases, cancer, and protein replacement treatments.

  1. Elevatebio, LLC Series-D Funding – (May 2023)

Amount Raised: $401 million
Lead Investor: AyurMaya Capital Management Fund, managed by Matrix Capital Management
Focus Areas: Advancing technology platforms, including Life Edit gene editing, induced pluripotent stem cells (iPSCs), RNA, cell, protein, and vector engineering, as well as BaseCamp, its end-to-end genetic medicine manufacturing and process development business adhering to current Good Manufacturing Practice (cGMP) standards.
Collaborative Effort: Partnership with Novo Nordisk through subsidiary Life Edit Therapeutics to explore and advance base editing therapies. Life Edit stands to earn potential development, regulatory, and commercial milestones ranging from $250 to $335 million for 7 programs.

  1. ReNAgade Therapeutics Series-A Funding – (May 2023)

Amount Raised: $300 million
Lead Investors: MPM BioImpact and F2 Ventures
Focus Areas: Established with Orna Therapeutics for merging RNA delivery technology with Orna’s circular RNA therapies.
Previous Funding: Orna Therapeutics concluded a $221 million Series-B in August 2022. Orna inked a collaboration agreement with Merck worth milestones totalling $3.5 billion.

  1. Cellars Series-C Funding – (August 2023)

Amount Raised: $255 million
Lead Investor: Koch Disruptive Technologies and David Mauney, MD at Koch Disruptive Technologies, join the board of directors. Bristol Myers Squibb, DFJ Growth, Willett Advisors, Eclipse, Decheng Capital, and 8VC.
Focus Areas: Inaugurate the world’s premier commercial-scale IDMO Smart Factory, capable of producing 40,000 cell therapy batches annually. IDMO Smart Factories can generate ten times more cell therapy batches per year than traditional facilities, utilizing integrated robotics and software.

  1. Apollo Therapeutics Series-C Funding – (September 2023)

Amount Raised: Additional $33.5 million, bringing the total for 2023 to $260 million.
Focus Areas: Translating fundamental medical research into medications through a Hub-and-Spoke approach.

  1. Aiolos Bio, Inc. Series-A Funding – (October 2023)

Amount Raised: $245 million
Lead Investors: Atlas Venture, Bain Capital Life Sciences, Forbion, and Sofinnova Investments
Focus Area: Clinical-stage biopharmaceutical targeting respiratory and inflammatory conditions with lead Drug Candidate AIO-001 advancing into Phase 2 clinical trial for moderate-to-severe asthma.

All of this by stage, disease indication, modality, target…

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