Biotechnology Fundraising Reflects Bigger Start-Ups, Fewer IPOs in 2005

Fundraising among private biotechs has evened out this year, with larger early rounds reflecting the renewed "think-big" strategy of some start ups, and larger late rounds a consequence of less receptive IPO markets.

Through the beginning of December, private biotech firms had raised nearly $3.5 billion in 2005, according to Windhover's Strategic Intelligence Systems. So far this year, VCs have spread their money relatively evenly across the private life cycle, with A rounds brining in about $850 million, B rounds $900 million, C rounds $800 million and D rounds nearly $1 billion.

These numbers contrast starkly with 2004, when a similar peak at early trends in the year's private financing showed venture...

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