While oncology and psychedelics dominated European biotech’s biggest funding rounds last month, startup seed financing focused more on gene therapy and drug discovery.
Last month saw some momentous events for Europe’s biotech heavyweights. GSK paid an impressive €524M ($625M) upfront to co-develop an immuno-oncology candidate with iTeos Therapeutics in Belgium. Meanwhile, the German antibody drug giant MorphoSys took over Constellation Pharmaceuticals in the US for €1.4B ($1.7B) to get hold of experimental epigenetic drugs for cancer.
On the flip side, we saw the termination of a €1.3B ($1.6B) licensing agreement between Johnson & Johnson and the Dutch biotech argenx that aimed to co-develop a treatment for a form of blood cancer. The big pharma said its decision to pull the plug was based on the drug’s data and on the changing standard of care in blood cancer.
In terms of financing last month, European biotech companies raised over €1.2B in 45 rounds, which include private rounds and initial public offerings (IPOs). As might be expected,