The second quarter was a record-breaking period with China-focused biopharma start-ups and others raising hundreds of millions of dollars in venture capital. Both the amount of money raised and the number of financings surged between April and June, as more than $4bn in VC cash alone flowed into companies launched within the last four years.
Initial public offerings also broke records with 12 start-ups launching IPOs in the second quarter, bringing the first half 2018 total to 19 after seven start-ups went public in the first quarter. (Also see "Start-Up Quarterly Statistics: Financings Finally Rise In Q1, But Deals Stagnate" - Scrip, 8 May, 2018.) The first half of this year saw 36 drug developers of any vintage go public in the US, with an average return of 20.9%
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