Biopharma Private Placement Insights (Q2'23 and FY'22)

The latest edition of Oppenheimer & Co. Inc.’s Quarterly Biopharma Private Placement Insights Report is now available upon request.

Key Takeaways:

Private markets continue to weather the storm and remain remarkably resilient in 1H 2023

• Median quarterly deal volume ($4.4B) tracking above pre‐pandemic median ($3.2B) and tracking evenly with 2022 quarterly median ($4.4B)
• Median quarterly deal counts remain robust vs pre-pandemic (~74 vs 66 deals / quarter ) and are tracking slightly below 2022 quarterly medians
• While Series B rounds have drawn the majority of funding from investors in 1H 2023, Series A funding is roughly on par
• Pre‐ / post‐money valuations for Series A rounds have rebounded in Q2 2023, while Bs have remained solid and C valuations have declined over LTM
• While deal sizes are similar regardless of clinical stage, pre‐$ valuations tend to be higher for companies with later stage assets
• Oncology attracted the largest share of VC dollars in 1H 2023 while I&I and Autoimmunity spaces continue to gain market share
• Small molecules, cell & gene therapies, and antibodies accounted for 31%, 21% and 19% of all deals in Q2 2023, respectively
• New investors led 76%, 60%, and 40% of Series A, Series B, and Series C+ rounds in 1H 2023, respectively
• Co-led syndicates featuring new and existing investors made up 8%, 20%, and 7% of Series A, Series B, and Series C+ rounds in 1H 2023, respectively
• Over 60% of private rounds were raised by preclinical‐stage companies in Q2 2023

Please reach out to Michael Margolis, R.Ph. ([email protected]), Daniel Parisotto, PhD ([email protected]), Dylan Gering ([email protected]), or Culver Duquette ([email protected]) directly to request a copy.