Last quarter, the major stock indexes were up, and investors got back into the game of funding publicly traded biotechs. The industry raised $4.6 billion, excluding partnership monies, compared with only $2 billion in 4Q08 at the height of the credit crisis. Through follow-ons and PIPEs (private investments in public equity), biotechs raised $1.4 billion in 2Q09 versus $264 million in 4Q08. Debt financings were also up considerably, including Cephalon's $500 million in convertible notes. Private biotech funding also remained robust.
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Yang, W. Signs of life in Q2. Nat Biotechnol 27, 686 (2009). https://doi.org/10.1038/nbt0809-686
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DOI: https://doi.org/10.1038/nbt0809-686
