With IPOs still booming, follow-on financings sizzling and venture capital rolling in at a steady pace, the biotech industry has been stocking up on billions of dollars in cash.
Amidst a tepid venture capital environment in the world of biotechnology, one firm has restocked its war chest to the tune of $505 million.
As many venture firms struggle to restock their coffers, Burrill & Company has come through with a second closing of its latest fund. The San Francisco-based firm says that "aggregate capital commitments" now total $505 million.
Over the last few years pharma's corporate venture arms have been stepping up their game, helping to fund more biotechs.
Biotech visionary Steven Burrill discussed Big Pharma's role in the healthcare system and mentioned that its fate will lie in its ability to reinvent itself.
The analysts at Burrill & Co. took out their calculators and concluded that $2.6 billion in new venture funds for translation and early-stage work materialized in the U.S. and Europe in the last two months.