Finance Watch: Venture Capital Mega-Round Trend Is ‘Here To Stay’

Kardigan’s $300m Series A Is Second-Largest Of 2025

Private Company Edition: Given the number of start-ups with clinical-stage assets and investors’ concerns that programs are appropriately funded, the trend toward $100m-plus VC rounds is likely to continue. Also, Lilly and a16z launched a new VC fund with up to $500m.

Finance Watch Private Company — • Source: Shutterstock

Venture capital fundraising data show that $100m-plus mega-rounds continue to account for the vast majority of biopharmaceutical company VC financings, with overall investment in large rounds and individual mega-round sizes increasing. At the same time, the amount of money invested in smaller funding rounds is recovering at a slower pace.

With Q4 Data In, Biopharma VC Fundraising Reached Highest Total Since 2021

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Finance Watch: Prime, Kyverna, Allogene And More Announce Job Cuts

21 May 2025

• By Mandy Jackson

Restructuring Edition: Prime Medicine ended its sole clinical-stage program to prioritize preclinical and partnered programs, cutting 25% of its workforce to extend its cash runway. Meanwhile, earnings season brought workforce reductions at Kyverna, Allogene, Leap and others.

Finance Watch: Funding Alternatives Become The Norm In Tough Public Markets

13 May 2025

• By Mandy Jackson

Public Company Edition: With fewer follow-on offerings, drug developers are pursuing other options. Axsome accessed up to $570m in debt, Evolus obtained $250m in a new credit facility and Abeona raised $155m from a PRV sale, but Apimeds was able to execute a small $13.5m IPO.

Finance Watch: Deerfield Closes $600m-Plus VC Fund; Gates Speeds Up Health Investments

09 May 2025

• By Mandy Jackson

Private Company Edition: Deerfield’s third innovations fund will back therapeutics and other opportunities, the Gates Foundation – a sometimes funder of biotech firms – will spend $200bn over the next 20 years, and NewLimit raised a $130m series B round, among other financings.

Finance Watch: Unity Lays Off All Employees As It Evaluates Alternatives

05 May 2025

• By Mandy Jackson

Restructuring Edition: Unity unveiled more Phase IIb data for lead asset UBX1325 along with plans to shed its workforce while seeking a partner for it and other drugs. Also, Ono is consolidating US employees at one site, Entrada is cutting its workforce by 20% and other recent strategic shifts.

PureTech’s IPF Candidate Ready For Phase III After Efficacy Win

21 May 2025

• By Andrew McConaghie

Coming one day after Boehringer’s underwhelming data, PureTech’s tweaked molecule, deupirfenidone, shows promise in slowing idiopathic pulmonary fibrosis.