The amount of venture capital raised during the second quarter of 2021 was almost double the total raised in the second quarter of 2020, but the biggest reason that biopharma financings jumped from $34.8bn in Q2 of last year to $42.2bn in Q2 of this year was debt financings, which more than tripled year-over-year.
Finance Watch: Venture Capital, Debt Financings Led Fundraising Surge In Q2
New VC deals include a $60m series C-1 round for DiCE Molecules a day before it filed paperwork to support a $100m IPO and a $100m financing for China’s IONOVA Life Science. Also, RenovoRx was the 84th company to go public in the US this year and ADC Therapeutics executed a $325m royalty deal.
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Private Company Edition: The latest group of drug developers to announce venture capital financings is remarkable for its geographic diversity, from Character Biosciences’ $93m series B round in the US to Augustine’s $85m series B in Belgium to a $29.2m series C for Aculys in Japan.
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Supply chain disruption fears at the start of the COVID-19 pandemic caused drug over-ordering. Imminent tariffs on drugs may have had a similar effect on pharma sales in Q1 earnings season.