Maryland Trend Analysis 2024 825x510Venture financing for Maryland’s life sciences industry in 2023 shows signs of recovery following the significant downturn in 2022, with the total value of private equity financing reaching USD 805m (up from USD 639m in 2022). For the biotech industry, the value of venture financing deals remained stable (USD 453m in 2022 vs. USD 451m in 2023), while the number of funding rounds increased by nearly half (26 rounds in 2022 vs. 38 rounds in 2023).

Among Maryland-based companies that went public in 2023, YS Biopharma led the way with a SPAC merger raising gross proceeds of USD 36m, followed by the IPOs of MIRA Pharmaceuticals (USD 8.9m) and Bullfrog AI Holdings (USD 8.4m). The two largest private equity financing rounds for biotech companies were raised by Georgiamune Inc. with a Series A round of USD 75m and ManaT Bio with a financing round of USD 72m.

Looking at the top M&A deals of the year for a Maryland company, the acquisition of Baltimore-based Haystack Oncology by Quest Diagnostics, Inc. in June 2023 stands out. Quest paid USD 450m (USD 300m in cash at closing and a further USD 150m if certain milestones are met) for the early-stage oncology company, which focuses on minimal residual disease (MRD) testing.

Many thanks to our partner, the Maryland Department of Commerce, who contributed significantly to this report highlighting trends in Maryland’s vibrant life sciences industry.