Finance Watch: Mega-Rounds Balance Out Influx Of Smaller VC Deals

Average Deal Size Is Up But Falling As Investment Dips

Private Company Edition: The amount of venture capital investment in biopharma companies has shrunk from quarter to quarter, but the average deal size remained high until the third quarter. Larger rounds from Treeline, Odyssey and Neumora offset a plethora of smaller VC financings early in Q4.

Finance Watch Private Company — • Source: Shutterstock

The once-shocking $100m-plus venture capital round is not such a shock anymore in the biopharmaceutical sector, since the number of mega-rounds has increased over the last few years as drug development has become more complicated and costly. Massive early investments are needed to design novel algorithms and machines for unlocking previously undruggable targets and to advance cell and gene therapies with complex manufacturing needs.

However, it appears that the trend toward larger venture capital financings may be shifting. VC investment has declined dramatically during...

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