![]() ![]() ![]() The conservative advice from the panel reflected the mood of biotech leaders at the conference. “It’s now back to the basics,” said Judith Li, a partner at Lilly Asia Ventures. “Companies don’t die from dilution, they die because they run out of cash,” added Steve Gillis, managing director at Arch Venture Partners.Ĭompanies should also consider options like partnerships and early mergers or acquisitions, said Beam.ĬEOs need to be more disciplined about deciding which programs to pursue, generating data, and showing how their potential product or therapy solves a problem, said panelists. ![]() RELATED: Report highlights growth of life sciences sector in Seattle, buoyed by NIH funding “You’re just in for more pain later on if you delay it now and keep kind of bridging,” said Chen. Frazier Life Sciences vice president Anna Chen advised going for the larger round. The XBI biotech index is up slightly since the Seagen acquisition announcement, but still about 50% down from an all-time high in February 2021.īiotech leaders seeking cash are asking whether they should do a bridge round of financing from insiders or raise a larger down round at a low valuation, said panelists. After reaching record highs during 20, venture capital funding for life sciences funding is now closer to pre-pandemic levels, and the IPO market has chilled.Īt the same time, the long-anticipated upswing in merger and acquisition deals is starting to happen, led by the $43 billion planned purchase of Seattle-area biopharma company Seagen by Pfizer. ![]()
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