The end of 2023 is proving no different from the end of any other year, with venture capital firms and biopharmaceutical companies closing out a flurry of new VC funds and financings before December draws to a close. Even with investment in the industry down substantially from 2022, interest in novel medicines and technologies continues at a multibillion-dollar pace.
Finance Watch: The Rush To End 2023 With Fresh VC Cash For Biopharma
Three New Funds And An Investment Strategy Launched
Private Company Edition: Playground’s third fund has $410m for tech, including biotech, Pivotal Life Sciences closed its second fund with $389m and Chugai will invest $200m through its new fund. Also, Tome launched with $213m, Sudo raised a $116m series B and Odyssey closed a $101m in series C.
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CEO Kris Elverum told Scrip about the start-up’s platform for editing RNA to correct genetic variants that cause harm and to reproduce healthy variants as a means of treating disease.
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The four-year-old firm said it plans to advance programs toward the clinic from the funding round, which comes just over a year after signing two major pharma partnerships.
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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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Kyoto-based venture moves HQ to California to expand R&D and business outreach for its regulatory T-cell technology, as it raises around $46m in public and private funding.
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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.
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Stock prices plummeted, particularly for vaccine makers and cell and gene therapy developers, after the US FDA’s top biologics overseer resigned over vaccine misinformation concerns.
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Seeking cell therapy approaches to cure type 1 diabetes, Vertex abandons a candidate encapsulated to avoid immune system detection but hopes to file another candidate for approval in 2026.