TeamDrive
RUS

European biotech funding on track for record year

11 October 2018

Nick Paul Taylor / FierceBiotech

The European biotech sector is on track to break its annual funding record, according to BioWorld. After a big third quarter, the total for the first nine months of the year stands at $6.3 billion, putting the region on course to clear the $8 billion bar.

European biotechs made a solid start to 2018, pulling in $3.9 billion over the first six months. But the fundraising haul really took off in the third quarter, when major follow-on offerings contributed to the sector pulling in $2.5 billion. The surge means the sector is set to ease past last year’s total of $6.9 billion and puts it a solid quarter away from breaking the $8 billion barrier.

The deals underpinning the sector’s move toward the new fundraising high says something about the state of biotech in the region today. Galapagos, a European biotech with the once-rare aspiration of becoming a midsized, standalone company, led the way with a $346 million follow-on offering that built on positive clinical trial data.

Argenx and ProQR Therapeutics made similar moves to Galapagos, pulling in $301 million and $104 million, respectively, after generating data on clinical-phase candidates. 

The financing highlights the emergence of a clutch of growing European biotechs with aspirations to take drugs deep into the clinic. However, they also show the importance of the U.S. in the fulfillment of these aspirations. Galapagos, Argenx and ProQR are all listed on Nasdaq.

Yet, while Nasdaq is the default option for European biotechs, Idorsia is showing there is another way. Idorsia, which spun out of Actelion following the Johnson & Johnson takeover, used its listing on the Swiss stock exchange to raise $307 million to fund a slate of late-phase trials.

While the follow-on market thrived in the third quarter, the IPO pipeline dried up. The VC world was more active. As previously reported, British biotechs, led by Nasdaq-bound gene therapy player Orchard Therapeutics, raised serious sums of money in the third quarter. Orchard was one of six U.K. companies in the list of top 10 private European financings for the quarter.

The question now is whether European biotechs can maintain the momentum built up in the third quarter and hit a new funding high. Early signs are good. GW Pharmaceuticals got the quarter underway with a $300 million follow-on offering, moving the total for the year above $6.6 billion.

Source


Previous publication Next publication

Media Center

  • 19 October 2018

    FDA Publishes Guidance on the Rare Disease Treatments

    FDA published draft guidance on October 15, 2018 to assist sponsors developing treatments for rare diseases plan for pre-investigational new drug application (pre-IND) meetings with FDA. In the guidance, the agency describes topics that should be considered in early drug development and pre-IND meetings.

  • 18 October 2018

    Russia emerges as frontrunner in global fight against tuberculosis

    Russia has turned out to be the world’s most successful tuberculosis fighter, Russian Health Minister Veronika Skvortsova stated  during the interview with the Rossiya-24 channel. "We are the global leader according to the pace in solving this issue," she noted, adding, "all countries acknowledge Russia’s foremost role here."

  • 17 October 2018

    Scientists developed new tool for open exchange of biomaterials

    A new easy-to-use legal tool that enables open exchange of biological materials was launched. The OpenMTA is a Material Transfer Agreement (MTA) designed to support openness, sharing and innovation in global biotechnology. Material Transfer Agreements (MTAs) provide the legal frameworks within which research organisations define terms and conditions for sharing their materials – everything from DNA molecules to plant seeds to patient samples.

  • 16 October 2018

    The First FDA-approved Digital Pill — What It Means for Pharma

    Last year, the U.S. Food and Drug Administration (FDA) approved what is perhaps the boldest use of digital technology in healthcare: a pill that is integrated with an ingestible sensor that captures information about whether the patient has complied with her medication regimen. A patient ingests the pill and it sends the data to a patch worn on her torso, which adds various physiologic measures. From there the information is wirelessly sent to a mobile phone app, allowing both the patient and her physician to track how the patient is using and responding to her medication.

Read more