Biopharmaceutical companies raised $3.95bn in venture capital globally during the third quarter of 2023, but firms raising small and large rounds brought in far less cash during the quarter compared to Q1 and Q2, according to Evaluate’s latest set of VC funding data. Even some of the largest venture rounds during Q3 reflected the ongoing challenge of raising money at a time when start-ups’ public company peers are struggling to maintain their valuations and many private firms are unable to go public.
The lack of initial public offerings in 2022 and 2023 relative to the boom year of 2021 has hit venture...
