The companies Jixing Pharmaceuticals, COUR Pharmaceuticals, and OnCusp Therapeutics bagged the biggest private biotech investments in January 2024. Around the world, immunology, oncology, and drug discovery players attracted the biggest funding rounds overall.
The first month of 2024 saw a lot of initial public offering (IPO) success stories, suggesting a possible recovery for the biotech industry this year. And, although there was not quite as much private biotech financing in January, with 38 rounds in total, a lot of money was still raised by several companies, with the top three investments of the month coming in at $100 million or more.
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Biggest biotech investments by value in January 2024
As you can see from the table below, Chinese company Jixing Pharmaceuticals, which is committed to bringing innovative medicines to Chinese patients with serious and life-threatening diseases, bagged the biggest private investment of the month, raising $162 million in a series D round.
Meanwhile, COUR Pharmaceuticals came in second, raising $105 million in a series A round to advance multiple candidates that leverage the company’s immune tolerance platform, and OnCusp Therapeutics took third place with $100 million in series A funding, which will allow it to advance its portfolio of cancer therapies.
Biotech investments by location in January 2024
Splitting January’s private financing rounds into location-based data, we can see that North America had the most rounds with 20. From those rounds, a total of $951 million was raised. Europe came in second place, raising $327 million from 12 rounds, while Asia/Pacific companies managed to raise $275 million from only 6 rounds, largely thanks to Jixing Pharmaceuticals bagging the biggest investment of the month.
Biotech investments by funding type in January 2024
In terms of funding type, series A financings dominated, with 15 series A rounds taking place in January 2024. However, the total value of those 15 rounds only came to $184 million. Instead, the largest amount of money raised came from private equity investments, which totaled $649 million, despite there only being six rounds of this type.