【-】2024年四季度生物制药模式风险投资趋势2025_10页_12mb

报告摘要

Biopharma Modalities VC Research Summary

Core Content Overview

This document provides an analysis of venture capital (VC) activity in the biopharma modalities ecosystem as of Q4 2024. It covers the landscape of biopharma modalities, the VC ecosystem market map, and highlights key investment trends and deal summaries. The report is authored by PitchBook's Industry and Technology Research team, offering insights into the current state and future direction of the biopharma modalities sector.

Biopharma Modalities Landscape

The biopharma modalities landscape is divided into three main categories:

Mature Modalities
- Antibodies
- Protein-based
- Small molecules
- Vaccines
- Small molecules & biologics
Advanced Modalities
- Conjugates
- Gene therapy
- Cell therapy
- Cell & gene therapy
- Nucleic acid
- Gene editing
Emerging Modalities
- Microbiome & phage
- Stem cell therapy
- Nanotech & drug delivery
- Tissue & biomaterials
- Niche & others

VC Ecosystem Market Map

The market map outlines the venture-backed or growth-stage companies that have received notable private investments as of Q4 2024. It serves as a visual representation of the current investment landscape across various biopharma modalities, with companies like Kailera Therapeutics, Seaport Therapeutics, Metsera, Borealis Biosciences, and others highlighted in different segments.

VC Activity Trends

Q4 2024 VC Activity

Deal Count: Increased by 14.7% compared to the previous quarter (QoQ), with a total of 234 deals.
Total Funding: Decreased by 12.7% QoQ, totaling $7.2 billion.
TTM Funding: Showed a positive YoY growth of 20.3%, reaching $32.1 billion.

Investment Trends

Investors showed a continued preference for later-stage clinical assets over early platform technologies.
Cardiometabolic disorders and AI-driven drug discovery emerged as key investment areas.
GLP-1 drugs remained a significant theme, with multiple startups securing funding for next-generation formulations.
AI infrastructure funding saw an increase, driven by partnerships like those of NVIDIA in genomics, pathology, and clinical research automation.

Key VC Deals in Q4 2024

Funding Deals

Company	Close Date	Deal Value ($M)	Deal Type	Segment	Category	Lead Investor(s)
Kailera Therapeutics	October 1	400.0	Series A	Mature modalities	Small molecules & biologics	Atlas Venture, Bain Capital, RTW Investments
Seaport Therapeutics	October 31	225.9	Series B	Mature modalities	Small molecules	ARCH Venture Partners, General Atlantic, Sofinnova Investments
Metsera	November 13	215.0	Series B	Mature modalities	Protein-based	Venrock, Wellington Management
Borealis Biosciences	December 19	180.0	Series A	Advancing modalities	Nucleic acid	Novartis, Westlake Village BioPartners
Nuvig Therapeutics	December 5	161.0	Series B	Mature modalities	Protein-based	Blue Owl Capital, Cowen Healthcare Investments, Norwest Venture Partners, Sanofi Ventures
City Therapeutics	October 8	135.0	Series A	Advancing modalities	Nucleic acid	ARCH Venture Partners
AvenCell	October 18	112.0	Series B	Advancing modalities	Cell therapy	Novo Holdings
Purespring Therapeutics	October 8	105.8	Series B	Advancing modalities	Gene editing	Gilde Healthcare, Sofinnova Partners
Syncromune	December 16	100.0	Series A	Mature modalities	Vaccines	N/A
SynOx Therapeutics	October 30	92.0	Series B	Mature modalities	Antibody-based	Bioqube Ventures, Forbion, Gilde Healthcare, HealthCap

Exits in Q4 2024

Company	Close Date	Exit Value ($M)	Exit Type	Segment	Category	Acquirer
Onconic Therapeutics	December 19	5,031.6	IPO	Mature modalities	Small molecules	N/A
Aliada Therapeutics	December 11	1,400.0	M&A	Mature modalities	Antibody-based	AbbVie
Kate Therapeutics	November 21	1,100.0	M&A	Advancing modalities	Gene editing	Novartis
Jnana Therapeutics	October 8	800.0	M&A	Mature modalities	Small molecules	Otsuka Pharmaceutical
Abpro	November 13	725.0	Reverse merger	Mature modalities	Antibody-based	Atlantic Coastal Acquisition Corp. II
Upstream Bio	October 11	617.8	IPO	Mature modalities	Antibody-based	N/A
Septerna	October 25	468.1	IPO	Mature modalities	Small molecules	N/A
CAMP4	October 11	139.5	IPO	Advancing modalities	Nucleic acid	N/A
Jupiter Neurosciences	December 3	120.5	IPO	Mature modalities	Small molecules	N/A
Chroma Medicine	December 11	75.0	M&A	Advancing modalities	Gene editing	nChroma Bio

Deal Activity Summary

Quarterly Activity

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	TTM (Q1 2023 to Q4 2023)	TTM (Q1 2024 to Q4 2024)
Deal Count	264	246	241	204	234	1,055	925
QoQ Change	14.3%	-6.8%	-2.0%	-15.4%	14.7%	N/A	-12.3%
Share of Total VC	2.6%	2.3%	2.5%	2.3%	3.0%	2.4%	2.5%
Deal Value ($B)	$6.3	$8.3	$8.3	$8.3	$7.2	$26.7	$32.1
QoQ Change	-17.8%	31.8%	0.2%	-1.1%	-12.7%	N/A	20.3%
Share of Total VC	7.7%	9.9%	9.1%	9.7%	6.2%	7.6%	8.5%
Exit Count	29	28	16	22	23	103	89
Public Listings	12	13	8	12	12	54	45
Acquisitions	17	14	8	10	11	46	43
Buyouts	0	1	0	0	0	3	1

Key Takeaways

Mature modalities remain the primary focus of VC investment, with a strong emphasis on small molecules, antibody-based, and vaccine development.
Cardiometabolic disorders and AI-driven drug discovery are becoming increasingly important therapeutic areas.
The GLP-1 drug category continues to attract significant investment due to its promising safety and efficacy profiles.
AI infrastructure is gaining traction, especially with NVIDIA expanding its partnerships in genomics and clinical research automation.
Later-stage clinical assets are more attractive to investors than early platform technologies, indicating a shift in focus toward commercial viability.
VC deal value saw a decline in Q4 2024, but TTM funding showed positive growth, highlighting long-term confidence in the sector.

About PitchBook Industry and Technology Research

PitchBook's Industry and Technology Research team offers comprehensive, data-driven insights into the biopharma modalities and other sectors, providing investors with the tools to make informed decisions. The report is designed to keep stakeholders updated on market trends and investment opportunities.