Fourth-quarter 2015 biopharma financing reached $13.1 billion, 35% more than Q3’s $9.7 billion, but the second-lowest quarter of the year (behind Q3) in dollars raised. (See Exhibit 1.) However, the full-year 2015 financing total was $53.4 billion, a healthy increase over 2014’s $31.6 billion.
Follow-on offerings totaled $8.2 billion for the fourth quarter (63% of Q4's total financing), but 88% of this amount came from Teva Pharmaceutical Industries Ltd.'s concurrent $7.2 billion public offering of American Depositary Shares and convertible preferred shares [See Deal], which counted as Q4's and the year's largest financing
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