NGM Biopharmaceuticals, Inc. added its name to a long and growing list of biopharmaceutical companies raising $100m-plus venture capital mega-rounds with a $122m series A round announced on 17 July. It is NGM Bio’s first financing since February, when it announced that its largest shareholder, The Column Group (TCG), would acquire the then-public company and take it private.
Post-July 4th VC Mega Rounds
Billions of venture capital dollars have surged into biopharma firms during the first few weeks of July, including Flagship Pioneering’s announcement that it has raised $3.6bn for two new VC funds. For details on this and other large post-fourth of July VC deal announcements, see these Scrip articles:
Flagship Plans To Distribute New Fund To About Two Dozen Companies
Cardurion Raises $260m To Advance First-In-Class Cardiovascular Drugs
Scorpion Sinks Pincers Into $150m Funding Round For PI3K Inhibitor
Mega-rounds have driven a surge in venture capital fundraising in 2024, with biopharma companies raising $6.53bn in the first quarter and $8.08bn in Q2 – both representing the highest quarterly totals since Q2 2022. And in this year’s Q2, mega-rounds accounted for $5.35bn of the total, or two-thirds of all venture capital raised by drug developers during the quarter
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