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Downturn Hit UK Biotech In 2023 But New Pension Funds Could Fuel Growth

 
• By Andrew McConaghie

Funding for UK biotechs shrank again last year but sector leaders see hope of green shoots in 2024.

London skyline

The UK biotech sector endured a tough year in 2023, suffering a 9% decline in equity funding compared with the year before, shrinking to £1.8bn ($2.29bn).

Key Takeaways

  • The UK’s biotech sector was hit by the downturn in 2023, with overall funding contracting by 9%

  • Nevertheless, many of the sector’s funding indicators were in line with pre-pandemic years, and companies like Bicycle Therapeutics and Apollo Therapeutics raised lots of cash

That represented a second year of decline from the heady days of 2021 and, alongside an absence of any UK company launches on public markets, contributed to a funding drought for the sector

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