Biopharma VC deal value fell to $7.2 billion in Q1 2026, down from $10.1 billion the prior quarter, while deal counts dropped from 374 to 265. But the pullback tells only part of the story. Capital shifted toward exits as the IPO window reopened and Big Pharma M&A surged late in the quarter, with Ouro Medicines, Orna Therapeutics, and Excellergy among the VC-backed companies acquired. VC-backed exit value increased for the third consecutive quarter.
Read the full article: Biopharma VC Deals Decline in Q1 2026 as Capital Shifts Toward IPOs and Big Pharma M&A //
Source: https://pitchbook.com/news/reports/q1-2026-biopharma-vc-trends