Biopharma financing during the fourth quarter of 2024 totaled $16.8bn from 251 deals. Of those, 60 reached $100m or more. The follow-on public offering (FOPO) and venture financing categories tied for highest proportion of deal value, with each making up 32% of the aggregate Q4 financing dollars (see Exhibit 1).
During Q4, there were 49 FOPOs in all, together totaling $5.4bn. Revolution Medicines (developing targeted therapies for patients with RAS-addicted cancers) netted
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