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Finance Watch: Will Last Year’s Financing Trends Continue Into Early 2025?

 
• By Mandy Jackson

Biomedtracker’s fourth quarter data show a surge in public and private financings in 2024, but the two biggest categories – VC funding and follow-on offerings – have slowed in 2025. Also, Garuda raised a $50m series A-1 round, while Nuvation accessed $250m in royalty and debt financing.

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Fundraising by biopharmaceutical companies surged in 2024 to $86.67bn, up 16.2% from $74.59bn in 2023, according to data collected by Biomedtracker. The good fortune was shared across both public and private companies, with venture capital financings up 24% to $22.85bn last year and follow-on public offerings (FOPOs) up 54% to $28.48bn.

Biomedtracker released its fourth quarter 2024 Financing Quarterly Statistics report on 5 March, which showed that biopharma firms raised the same amount of money in VC deals and FOPOs during...

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

 
• 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

 
• 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

 
• 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

 
• 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.

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Genentech, Orionis Stick Together In Second Molecular Glue Deal

 
• By Alaric DeArment

Deal Snapshot: Orionis and Genentech signed a new partnership focused on molecular glues, on top of the one that they struck in 2023.

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

 
• 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.

Merck KGaA Plans Phase III For Enpatoran After Mixed Phase II Lupus Data

 
• By Jessica Merrill

The Phase II study testing the novel TLR7/8 inhibitor met the primary endpoint in a cohort of patients with cutaneous lupus erythematosus and systemic lupus erythematosus with rash, but did not in patients with SLE.