Biopharma firms raised a total of $4.8 billion in financing in the second quarter of 2016, a 16% decrease in value from Q1's $5.8 billion. Follow-on public offerings and early-stage venture rounds once again led in financing type, together accounting for 57% of the total. (See Exhibit 1.) Q2's FOPO share of 31% represented a more significant portion thanks to FOPOs in Q1, which amounted to 25%.
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