Dive Brief:

潜水简介：

Venture capital activity in biotechnology is undergoing a “recalibration towards pre-pandemic investment norms,” according to a new quarterly report from Pitchbook that tracks global funding and dealmaking in the sector.

Pitchbook追踪该行业全球融资和交易的最新季度报告显示，生物技术领域的风险投资活动正在“朝着大流行前的投资规范进行重新调整”。

Pitchbook projects there will be about 840 venture deals totaling $24 billion by the end of the year, a steep decline from the “high-water marks” reached between 2020 and 2022. Initial public offering and acquisition totals fell as well, with 55 IPOs and 29 buyouts expected globally by the end of 2023, the report said..

Pitchbook预计，到今年年底，将有840宗风险投资交易，总金额将达到240亿美元，比2020年至2022年间的“高水位”大幅下降。报告称，首次公开发行（IPO）和收购总额也有所下降，预计到2023年底，全球将有55宗IPO和29宗收购。。

The findings suggest a “strategic shift” among biopharma investors, with venture firms gravitating towards fewer, but more sizable deals. There is now a higher bar to secure funds, a standard that Pitchbook described as favoring “proven leadership and innovative potential.”

研究结果表明，生物制药投资者发生了“战略转变”，风险投资公司倾向于较少但规模较大的交易。现在，获得资金的门槛更高了，这一标准被Pitchbook描述为有利于“成熟的领导力和创新潜力”

Dive Insight:

潜水洞察：

The biotech sector’s shake out has gone on for a couple years now. IPOs are no longer the given they once were and venture funding is more challenging to secure.

生物技术行业的洗牌已经持续了几年。首次公开募股（IPO）已不再是过去的样子，风险投资更难获得。

According to BioPharma Dive data, just 20 biotechs have gone public in the U.S. so far in 2023, a total that, if it holds over the next few weeks, would be the lowest in at least six years. The funding drought has affected a number of high-profile startups and young biotechs. In recent weeks, Locanabio, Resonance Medicine and ReNAgade Bio have reportedly cut jobs or shut down as investors have tightened their belts..

根据生物制药潜水数据，到2023年为止，美国只有20家生物技术公司上市，如果在未来几周内保持不变，这将是至少六年来的最低水平。资金短缺影响了许多备受瞩目的初创公司和年轻的生物技术公司。最近几周，据报道，由于投资者勒紧裤腰带，Locanabio、Resonance Medicine和ReNAgade Bio已经裁员或关闭。。

Pitchbook’s report helps capture those trends more broadly, with the data it collects encompassing the global venture capital ecosystem. Still, the findings paint a similar picture of steady decline since the sector’s 2021 peak.

Pitchbook的报告有助于更广泛地捕捉这些趋势，它收集的数据涵盖了全球风险投资生态系统。尽管如此，调查结果描绘了自该行业2021年峰值以来稳步下降的类似画面。

That year, 200 IPO and M&A deals produced about $86 billion in returns for investors. But those totals have fallen ever since, plummeting to around $23 billion in 2022 and dropping even further this year. The greatest loss has been seen on the IPO front, as offerings are expected to be down 71% from their recent highs, according to the report..

那一年，200宗IPO和并购交易为投资者带来了约860亿美元的回报。但自那以后，这些总额一直在下降，2022年跌至230亿美元左右，今年甚至进一步下降。报告显示，IPO损失最大，预计发行量将比近期高点下降71%。。

The report’s author, senior analyst Kazi Helal, wrote that these numbers are leading venture firms to pivot towards larger and “potentially more stable investments.” More firms are waiting to find the best time to take their companies public, or planning exits from their investments to help raise new funds..

该报告的作者、高级分析师卡齐·赫拉尔（KaziHelal）写道，这些数字正引导风险投资公司转向规模更大且“可能更稳定的投资”。更多的公司正在等待找到最佳时机将其公司上市，或计划退出投资以帮助筹集新资金。。

“In this climate, strategic patience emerges as a key virtue,” Helal wrote.

“在这种环境下，战略耐心成为一种关键美德，”希拉尔写道。

Still, there are some positive signs. Should Pitchbook’s projections bear out, deal totals may modestly rise in the fourth quarter, contrasting with the recent downward trend in fundings.

尽管如此，还是有一些积极的迹象。如果Pitchbook的预测得到证实，第四季度的交易总额可能会略有上升，与最近资金的下降趋势形成对比。

Investments in small molecule drug developers also surged by 25% in the third quarter. Nimbus Therapeutics, Cardurion Pharma and Genesis Therapeutics led the way, each pulling in rounds of over $200 million. And the IPO of Neumora Therapeutics, a well-funded brain drug developer with a medicine in advanced testing, showed investors’ shift towards medicines that already have clinical data behind them, according to the report..

第三季度，对小分子药物开发商的投资也激增了25%。Nimbus Therapeutics、Cardurion Pharma和Genesis Therapeutics首屈一指，每一家都带来了两亿多美元的收入。据该报告称，资金雄厚的大脑药物开发公司Neumora Therapeutics的首次公开募股（IPO）表明，投资者正在转向已经有临床数据支持的药物。。

Additionally, despite the struggles of many publicly traded gene therapy developers, their privately held counterparts saw a notable uptick in funding, led by the $430 million round for privately held Kriya Therapeutics and Metagenomi’s $275 million haul. The surge represented “renewed interest” in a field that remains active.

此外，尽管许多公开交易的基因治疗开发商都在苦苦挣扎，但他们的私营同行却看到了资金的显着增加，其中私营Kriya Therapeutics的4.3亿美元和Metagenomi的2.75亿美元收入为首。这一激增代表了对一个仍然活跃的领域的“新兴趣”。

“The potential for growth is immense, especially if breakthroughs are achieved in gene editing or novel [messenger RNA] methods,” according to the report..

“增长的潜力是巨大的，特别是如果在基因编辑或新型（信使RNA）方法方面取得突破，”报告称。。

By contrast, cell therapy investments reached a low point since 2020, with a particularly pronounced drop occurring over the last year. Investors in such companies are now more cautious, as new entrants “must significantly differentiate” from existing technologies to attract funding, the report said..

相比之下，细胞治疗投资自2020年以来达到了低点，去年下降尤为明显。报告称，这类公司的投资者现在更加谨慎，因为新进入者“必须明显区别于”现有技术才能吸引资金。。