Biopharma startups attracted $5.4 billion in VC funding across 198 deals in Q2. Both figures are multiyear lows, as headwinds continue to weigh on the sector. A general risk-off sentiment has cooled interest in high-risk preclinical assets, stalling seed and early-stage dealmaking, while limited IPO opportunities are placing pressure on maturing startups. Exit activity in Q2 highlighted divergent trends between US and Asia-Pacific biopharma markets. For the first time in our data, no US biopharma startup completed an IPO in the quarter, compared with China and South Korea, which saw three public listings each. With IPO opportunities limited, M&A activity has been robust and is likely to remain a key driver of liquidity going forward.
Read the full article: PitchBook Q2 2025 Biopharma VC Trends //
Source: https://pitchbook.com/news/reports/q2-2025-biopharma-vc-trends