2023 September Life Sciences Update

Global Funding Reverting to Pre-Pandemic Levels

› Global life sciences funding, including VC and IPOs, totaled $29.2 billion through the first half of 2023, a 26% drop from the first half of 2022. › VC activity levels fell 30% globally, totaling $24.2 billion. Most VC deal volume was focused on North American deals (53%), with APAC capturing 33% and Europe 13%. › Nine of the top 10 global deals were transacted in the U.S. and totaled $2.2 billion in aggregate value, with an average check size of $248 million. The largest deal of the year was the $401 million fourth-round funding of Waltham, Massachusetts-headquartered ElevateBio. › The only non-U.S. company in the top 10 is GenScript ProBio. Headquartered in Nanjing, China, the company raised $224 million in a third round of funding. › IPO activity, although falling significantly short of 2021 peak levels, totaled $5 billion globally in the first half of 2023, up 2%. Most of that growth originated in the U.S. due to the $2 billion GE Healthcare IPO. Key Takeaway: As the sector recalibrates, some of the dry powder sitting on the sidelines will need to be deployed and return to the market.

Venture Capital

Public Offerings

North America Europe APAC

North America Europe APAC

$40

$100

$35

$90

$80

$30

$70

$25

$60

$20

$50

Billions

Billions

$40

$15

$30

$10

$20

$5

$10

$0

$0

Source: PitchBook Data, Inc.; *Data has not been reviewed by PitchBook analysts. 2022 as of June 30, 2022

20 / CUSHMAN & WAKEFIELD

LIFE SCIENCES SEPTEMBER 2023