2020 stands out as one of the best years ever for biotech financing across the globe. Stock indices remained up through December. Initial public offerings (IPOs) had a banner year, with >73 life science firms raising collectively >$22 billion. Thirty-three biotech-related special purpose acquisition companies (SPACs) — shell companies making an IPO that present private biotechs with an alternative to going public without a costly traditional flotation — raised a whopping $6.3 billion. Private fundraising also mushroomed, with a 37% increase in funds flooding in compared to the previous year, and private equity firms like Blackstone Life Sciences continued to expand into venture financing. Only mergers were off compared to previous years, as pharma showed a greater interest in partnerships. Chinese biotechs continued to flex their muscles, with seven of the top ten IPOs originating in Asia (last year, the region accounted for only four), and three of the ten biggest venture rounds last year also included Chinese biotechs LianBio, Everest Medicines and Mabwell Biotechnology.
Biotech stocks were up over 20% on the year.
All regions had nearly triple IPO funding.
2016
2017
2018
2019
2020
Asia-Pacific
18
13
28
40
44
Europe
23
26
16
8
14
Americas
25
33
56
46
73
- Source: BCIQ BioCentury Online Intelligence
Money flowed into the sector from all avenues — none as great, though, as partnerships.
PIPE, private investment in public equity. Source: BCIQ BioCentury Online Intelligence.
All regions brought risk capital.
2016
2017
2018
2019
2020
Asia-Pacific
70
82
104
109
112
Europe
195
182
171
176
178
Americas
428
492
501
411
442
- Source: BCIQ BioCentury Online Intelligence
Amount raised ($ millions)
Date completed
Country
Change in stock price (as of 1/12/2021
SK Biopharmaceuticals (NH Investment & Securities, Citigroup Global Markets)
799
2 July
South Korea
+21
AbCellera Biologics (Credit Suisse, Stifel, Nicolaus, Berenberg Bank, SVB Leerink, BMO Capital Markets)
555
15 December
Canada
–32
RemeGen (Morgan Stanley, Huatai Securities, J.P. Morgan Securities, UBS, BOCI Asia, BOCOM International, Haitong International, Zhongtai Financial International)
514
9 November
China
+ 60
Legend Biotech (Morgan Stanley, J.P. Morgan, Jefferies)
487
5 June
China
–21
Relay Therapeutics (Goldman Sachs, Cowen)
460
15 July
United States
+14
Everest Medicines (Goldman Sachs, Bank of America, Citibank, CICC, Credit Suisse, Nomura, Brocade River)
451
8 October
United States
+9.5
Akeso (Morgan Stanley)
383
23 April
China
+100
Genor Biopharma (Goldman Sachs, Jefferies, J.P. Morgan Securities, CMB International Capital, China Renaissance, Haitong International, Macquarie Capital)
371
6 October
China
Not available
Gan & Lee Pharmaceuticals (Qiming Venture Partners)
360
28 June
China
+46
Antengene (Goldman Sachs, J.P. Morgan, Citibank, CICC, CMB International Capital)
359
19 Nov
China
–5
- Source: BCIQ BioCentury Online Intelligence
Partner
Up-front cash ($ millions)
Description
Genmab
AbbVie
750
Genmab grants AbbVie rights to co-develop and commercialize bispecific antibody products outside of the United States and Japan
Blueprint Medicines
Roche
1,702
Blueprint Medicines grants Roche exclusive rights to pralsetinib to treat non-small-cell lung cancer, thyroid cancers and solid tumors outside the United States, excluding Greater China
Seattle Genetics
Merck
600
Seattle Genetics partners with Merck to develop and commercialize cancer drugs ladiratuzumab vedotin and Tukysa (tucatinib)
Denali
Biogen
560
Denali partners with Biogen to develop and commercialize LRRK2 program for Parkinson’s disease and certain TV platform–enabled programs for neurodegenerative diseases
Dragonfly Therapeutics
Bristol Myers Squibb
475
Dragonfly Therapeutics grants Bristol Myers Squibb exclusive, worldwide rights to develop and commercialize Dragonfly’s IL-12 investigational immunotherapy program
uniQure
CSL Behring
450
uniQure grants CSL Behring exclusive, worldwide rights to develop and commercialize etranacogene dezaparvovec to treat hemophilia
Assertio Therapeutics
Collegium Pharmaceutical
375
Assertio Therapeutics grants Collegium Pharmaceutical US rights to Assertio’s Nucynta (tapentadol) franchise for pain
Atea Pharmaceuticals
Roche
350
Atea Pharmaceuticals partners with Roche to develop and distribute AT-527 for COVID-19
Takeda
Arrowhead
300
Takeda and Arrowhead collaborate to co-develop and co-commercialize ARO-AAT for α1-antitrypsin-associated liver disease
Translate Bio
Sanofi
300
Sanofi partners with Translate Bio to develop COVID-19 mRNA vaccine and for other infectious disease indications for up to $1.9 billion
Apellis Pharmaceuticals
Orphan Biovitrum
250
Apellis Pharmaceuticals grants Swedish Orphan Biovitrum (Sobi) global co-development and exclusive ex-US commercialization rights to systemic pegcetacoplan (APL-2)
- Source: BCIQ BioCentury Online Intelligence
Amount raised ($ millions)
Round number
Country
Date completed
Sana Biotechnology (Flagship Pioneering, Canada Pension Plan Investment Board, Baillie Gifford, F-Prime Capital Partners, Alaska Permanent Fund, GV, Bezos Expeditions, Omega Funds, Altitude Life Science Ventures)
700
Not disclosed
United States
23 June
Lyell Immunopharma (not disclosed)
493
C
United States
5 March
Grail (Flagship Pioneering, Canada Pension Plan Investment Board, Baillie Gifford, F-Prime Capital Partners, Alaska Permanent Fund, GV, Bezos Expeditions, Omega Funds, Altitude Life Science Ventures)
390
D
United States
6 May
CureVac (KfW)
337
Not disclosed
Germany
15 June
LianBio (BlackRock, Vida Ventures, Perceptive Advisors, Konstantin Poukalov, Venrock Healthcare Capital Partners, T. Rowe Price, Pfizer, Viking Global Investors, Wellington Management, RA Capital Management, Tybourne Capital Management)
310
Not disclosed
China
29 June
Mabwell Biotechnology (Shiyu Capital, Loyal Valley Capital, Ganzhou Development Investment Holding Group, Golden China Fund, Ningbo Gaoling Fund, Suzhou Ruihua, Nanshan National Fund)
279
A
China
29 April
Freeome (Perceptive Advisors, Janus Henderson Investors, Soleus Capital, Roche Venture Fund, Kaiser Permanente Ventures, Section 32, RA Capital Management, GV, EcoR1 Capital, Andreessen Horowitz, Cormorant Asset Management and others)
270
C
United States
28 August
Everest Medicines (Janchor Partners, RA Capital Management, Hillhouse Capital, Decheng Capital, Janus Henderson Investors, Rock Springs Capital, Octagon Capital, Guoxin Guotong Fund, CBC Group, Cormorant Capital, Pavilion Capital, HBM Healthcare Investments, existing investors)
260
C
United States
4 June
Thrive Earlier Detection (Section 32, Exact Sciences, Janus Henderson Investors, T. Rowe Price, Perceptive Advisors, Third Rock Ventures, Brown Advisory, Rock Springs Capital, Camden Partners, Invus, Lux Capital)
257
B
United States
29 July
Recursion Pharmaceuticals (Leaps by Bayer, Data Collective, Epic Ventures, Catalio Capital Management, Casdin Capital, Obvious Ventures, Samsara BioCapital, Intermountain Ventures, Lux Capital, Two Sigma Ventures, Advantage Capital, Mubadala Capital Ventures US, Felicis Ventures)
239
D
United States
9 September
- Source: BCIQ BioCentury Online Intelligence
Acquirer
Value ($ millions)
Date announced
Immunomedics
Gilead Sciences
21,000
13 September
MyoKardia
Bristol Myers Squibb
13,100
5 October
Qiagen
Thermo Fisher Scientific
11,500
3 March
Momenta Pharmaceuticals
Johnson & Johnson
6,500
19 August
Forty Seven
Gilead Sciences
4,900
2 March
Principia Biopharma
Sanofi
3,680
17 August
VelosBio
Merck
2,750
5 November
Aimmune Therapeutics
Nestlé
2,600
13 August
Asklepios BioPharmaceutical
Bayer
2,000
26 October
Portola Pharmaceuticals
Alexion
1,176
5 May
- Source: BCIQ BioCentury Online Intelligence
