In the third quarter, global biopharmaceutical companies collectively raised more than $12 billion from public and private transactions. Year to date (YTD), the sector has generated $41.5 billion, according to BioWorld data, putting it on track for a $55 billion haul for the year. 

Heading into the final quarter, the sector's leading biopharmaceutical companies once again underperformed the general market in September. Overall, the third quarter was extremely lackluster with investors showing little interest in getting involved, a situation that is likely to prevail until the end of the year. Companies will need to release strong 3Q financial reports just to tread water in the coming months. 

In the third quarter, global biopharmaceutical companies collectively raised more than $12 billion from public and private transactions. Year to date (YTD), the sector has generated $41.5 billion, according to BioWorld data, putting it on track for a $55 billion haul for the year.

PERTH, Australia – Australian cell therapy developer Mesoblast Ltd. has completed a AU$75 million (US$50.32 million) capital raising via an oversubscribed placement to existing and new Australian and global institutional investors.

Tenaya Therapeutics Inc. CEO Faraz Ali told BioWorld that the company, which raised $92 million in a series B round, has programs from three cardiac platforms "stacked on top of each other" and wants to enter the clinic by the end of 2021 "with at least one of the multiple projects we're advancing." The South San Francisco-based firm wanted not to "let resources be the barrier" as to which goes first, he said. "We wanted the science to dictate that."

DUBLIN – After four years in stealth mode, Arcellx Inc. finally emerged onto open ground, with an $85.7 million series B round under its belt and plans to take its two lead "intelligent" cell therapy programs into clinical development in multiple myeloma and acute myeloid leukemia.

Adicet Bio Inc.'s relatively newly minted president and CEO, Anil Singhal, found the company heading in the right direction when he took over in May, and the company's good standing, including a new $80 million series B fundraiser, is a result of that earlier stewardship.

Elicio Therapeutics Inc. CEO Robert Connelly acknowledged "a general malaise about cancer vaccines," but described the strategy of his firm to BioWorld as "very different. None of these other approaches [has] delivered the goods to the lymph nodes, where the immune response is orchestrated."

DUBLIN – European biotechnology firms engaged in the discovery and development of drugs and other therapeutic modalities raised $2.366 billion in equity financing during the third quarter, taking the running total for the year so far to $5.570 billion.