Venture capitalists are pouring cash into U.S. biotechs at a rate set to replicate 2018’s record deal count, according to PitchBook and the National Venture Capital Association’s third-quarter Venture Monitor report.
In the first three quarters alone, VCs struck 609 biopharma deals — the majority of which were Series A or B — and contributed $11.5 billion in investments.
Notably, the average deal size shrunk from a 2018 high of $25.6 million to $21.2 million. That figure reflects growth in early stage investments but significant declines in late stage.