Biotech IPOs: A Tale of Two Continents Not long ago, biotech firms queued eagerly for public markets, buoyed by cheap money and boundless optimism. The IPO window, however, slammed shut in 2022 under pressure from rising interest rates, stubborn inflation, and skeptical investors. Since then, biotech companies on both sides

You’re sitting across from a General Partner (GP) at a biotech-focused venture capital (VC) fund. They’re presenting their latest performance report, brimming with confidence. “We’ve achieved a PME ratio of 1.4,” the GP declares, leaning back with a satisfied smile. “This proves we’re outperforming

The global biotech venture capital boom of the late 2010s has decisively given way to a sobering downturn. After a decade of exuberance, investment levels in mid-2025 have retreated to where they stood in the early 2010s (biospace.com). The industry is emerging from a classic cycle of boom

Real-World Evidence (RWE) has become one of the most discussed innovations in healthcare decision-making, promising to bridge the gap between the highly controlled world of clinical trials and the unpredictable realities of everyday medical practice. By leveraging data from routine clinical care, patient registries, claims databases, and even

The EuroQol EQ-5D is a bit like the IKEA flatpack of health economics—ubiquitous, relatively simple to use, but occasionally frustrating and prone to missing a crucial bolt or two. Developed to measure health-related quality of life (HRQoL), the EQ-5D underpins everything from clinical trials to government

In the spring of 2025, biotech startups find themselves navigating an increasingly treacherous fundraising landscape. While headlines boast of massive funding rounds, many founders are grappling with a disconcerting trend: the "ghost round." These are funding rounds that are publicly announced, complete with press releases and media coverage,

Family offices are often portrayed as paragons of “patient capital,” stewards of dynastic wealth with investment horizons stretching across generations. Over the past two decades, this perception has solidified in financial circles, especially in Europe and the Middle East, where venerable family fortunes and new oil wealth alike are managed

Biotech companies often face a critical funding gap: bringing a new therapy from lab to market is exceedingly expensive, yet traditional equity or debt financing can be difficult, dilutive, or costly. In this context, royalty financing has emerged as a strategic alternative. By selling rights to future drug royalties in

Venture capital, like most human activities involving large sums of money and delayed gratification, has developed a hierarchy. At the top: the VCs—those chiselled, deal-sourcing demigods who turn PowerPoints into paper unicorns. But behind them, a quieter, more layered breed exists: the fund-of-fund. It is a

In venture capital, your returns depend less on genius and more on calendar luck. Especially in biotech. Venture capitalists like to imagine they make money through insight. The right founders. The right sectors. The right syndicates. But behind the curtain of strategy decks and IRR models lies a far simpler