Life Sciences Funding in View & 2024 Outlook

U.S. Funding by Top 10 Markets

Top 10 Markets 2023 by Top Industries, in $Billions

U.S. Top 10 Markets 2023 by Deal Type

$8

Boston

$3.5

$2.4

$0.5

$7

Bay Area

$3.5

$1.3

$0.7

$6

$4.1

San Diego

$1.3

$0.5

$5

Seattle

$4.2

$0.6

$0.1

$4

New York

$0.3

$0.2

$0.2

$3

$Billions

Los Angeles-OC

$0.4

$0.1

$2

$3.4

Philadelphia

$0.2

$0.3

$1.1

$2.3

$1

Raleigh-Durham

$0.2

$0.1

$0.9

$0

Denver-Boulder

$0.2

$0.0

New Jersey

$0.1

$0.1

$0.1

0% 20% 40% 60% 80% 100%

Drug Discovery

Biotechnology Discovery Tools Drug Delivery

Other

Accelerator/Incubator

Angel

Therapeutic Devices Decision Risk Analysis

OH Tech Systems2 Diagnostic Equipment

Seed

Early Stage VC

Later Stage VC

Grants

Pharmaceuticals

Laboratory Services1

Source: PitchBook Data, Inc.; *Data has not been reviewed by PitchBook analysts 1. Healthcare Laboratory Services; 2. Other Healthcare Technology Systems

12 / CUSHMAN & WAKEFIELD

LIFE SCIENCES JANUARY 2024