Corporate Venture Strikes Again: Biocartis Lands €30 million--And A Partnership
This article was originally published in The Pink Sheet Daily
The two deals help pave a path toward commercialization for the privately-held Swiss molecular diagnostics player.
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Highlights from the Q2 2010 review of start-up dealmaking: Biopharma, medical device and in vitro diagnostics startups raised a total of $606 million, an 83% hike from the previous quarter but a 30% drop from Q2 2009. Unlike Q1, which saw four spin-offs, Q2 had just one. Three acquisitions closed including J&J's purchase of respiratory-focused RespiVert. During the second quarter of 2010, several companies signed multiple agreements including Clovis Oncology.
Achaogen raises a $56 million Series C to support next-generation antibiotic program, while Somaxon's follow-on public offering nets $52.8 million.
Venture firms suffered fundraising woes last year, and a handful of biopharma funds stopped investing. It could get worse.