Biopharma companies closed out 2016 with $9.6 billion in financing. (See Exhibit 1.) Not only was this a 30% increase over Q3's $7.4 billion, it was also the strongest quarter of the year. Despite the positive close to 2016, overall the biopharma industry raised significantly less in funding than it did in 2015. The total aggregate financing for 2016, $27.5 billion, was half of 2015's $53.4 billion. (See Exhibit 2.) Dealmaking overall in biopharma was slow in 2016 compared with the previous year as a result of much financial and political uncertainty.
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