Biopharma venture capital hit a milestone quarter. VC-backed exit value reached a record $34.4 billion in Q2 2026, driven by seven multibillion-dollar acquisitions—including Eli Lilly’s $7 billion deal for in vivo CAR-T developer Kelonia Therapeutics and Gilead’s $5 billion purchase of antibody-drug conjugate specialist Tubulis—alongside a reopened IPO window that produced back-to-back records from Kailera Therapeutics and Parabilis Medicines. Beneath the headline numbers, the quarter revealed a market in transition. Capital is concentrating in later-stage, de-risked bets, with early-stage deal value share tracking toward a record low.
Read the full article: Biopharma Report: Funding Tops $10B with Record Exits //
Source: https://pitchbook.com/news/reports/q2-2026-biopharma-report-funding-tops-10-billion-with-record-exits