Demographics and disease will continue to drive venture capital into biotechnology over the long term despite weaker post-COVID-19 activity

  • Since 2022, the proportion of biotech exits in VC has almost doubled in value terms to 38%.

  • Biotechnology still dominates healthcare VC by AUM, but has seen a greater drop-off in fundraising since 2021.

  • Deal-making appears more resilient but is still to see a recovery from the recent peak in 2021, when 2,527 deals were valued at a total of $70.3bn.

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