In 2021 it paid to stay private for biotech

For biotech in 2021 it paid to be private. While waning public investor sentiment made the year a minor disaster for listed companies, closely held groups enjoyed their most successful 12 months ever, with secured venture capital eclipsing 2020’s then record-breaking total by 26%.

True, the data are not wholly positive: 2021 was driven by a massive first quarter, after which VC financing fell, and the absolute number of deals continued the broad downward trend of the past few years. As such it was a handful of gigantic rounds, including a $700m series C by a Chinese group, that secured 2021’s place in the record books.