Amounts raised through biopharma financings in the second quarter are down by 61% since last year and are at the lowest point since 2017. The same holds true when looking at the first half of the year. Each of the prior four years raised more than this year by the end of June, signifying that investors are backing up after an intensely robust financing environment following the emergence of the COVID-19 pandemic and the feverish biopharma therapeutic and vaccine development that began in 2020.

Biopharma money raised to-date and by month in 2022, including public, private and other financings.

Biopharma deals during the second quarter of 2022 fell short of each of the last two years with 379 completed deals valued at $36.9 billion, but the year is still the strongest to date. Thanks to the record-breaking first quarter, deals in the first half of this year are ahead of all other years, reaching a total value of $93.8 billion, 6.5% more than 2020, the next highest first half.