While biopharma financings are down in value by 55.8% in comparison with last year, and even more in comparison with 2020, amounts raised are very much in line with the pre-pandemic year of 2019. So far this year biopharma companies have raised $38.56 billion through 674 transactions, not too far off from the $37.9 billion raised three years ago through 706 deals completed by the end of August.

As cases and deaths begin to level out, not showing the up-and-down spikes indicative of the first two COVID-19 pandemic years, the world may finally breathe a sigh of relief. But behind the scenes, the biopharma industry and global governments are not underestimating the evolving SARS-CoV-2 virus.