2025年三季度生物制药风险投资趋势（英）2025

EMERGING TECH RESEARCH Biopharma VC Trends VC activity across the biopharma ecosystem Contents Biopharma landscapeBiopharma VC ecosystem market mapQuarterly analysisKey takeawaysVC activityBiopharma VC deal summary Institutional Research Group Analysis Ben RiccioAssociate Research Analystben.riccio@pitchbook.com Data Matthew NacionalesSenior Data Analyst pbinstitutionalresearch@pitchbook.com Publishing Report designed byAdriana Hansen,Jenna O’Malley, and Drew Sanders Published on November 6, 2025 Biopharmalandscape Mature modalitiesAdvancing modalitiesEmerging modalities Biopharma VC ecosystem market map Quarterly analysis Key takeaways •Biopharma VC funding remains subdued, but momentum builds:Biopharma startups attracted$6.8 billion in Q3, as limited exit liquidity and a broader investor shift toward AI have kept •Funding concentrates in later-stage assets:Clinically de-risked assets have become moreattractive as a risk-off sentiment persists among biopharma investors. As a result, venture- •China leads in public listings, while M&A drives exits in the US:Q3 marked another quietquarter for listings in the US, with LB Pharmaceuticals representing the sole IPO in thequarter. China, on the other hand, saw five public listings, as the country matures into a major •The exit environment shows signs of improvement, but fundraising headwinds persist: Despite the weak quarter, US exit outlooks are improving, with public biotech equitiesrebounding and M&A premiums lifting sentiment. However, fundraising for life sciences- VC activity In Q3 2025, biopharma startups attracted $6.8 billion in VC funding across 250 deals. Limitedexit liquidity and an increasing focus on AI have left investment in biopharma subdued. Thesector captured its lowest share of total VC dollars in Q3, at just 5.6%—down significantly from a Even with signs of recovery, the fundraising environment remains challenging for startups,particularly those at the early stage. A persistent risk-off sentiment has shifted capital towardclinically de-risked assets, consolidating dealmaking in larger, later-stage rounds. Through the firstthree quarters of 2025, pre-seed/seed deals accounted for just 14% of total transactions, a five- QUARTERLY ANALYSIS Squibb’s $13.8 billion acquisition of Karuna Therapeutics. The startup has since filed to go public,seeking to raise $250 million at a $704 million valuation. Another comparable biotech targeting Valuations and deal sizes Median pre-money valuations for biopharma startups have increased sharply over the past twoyears—reaching $50.1 million in Q3 2025, compared with $40 million during the peak fundingenvironment of 2021. Breaking the data out by deal type reveals that later-stage rounds aredriving this growth, as venture-growth valuations have more than doubled since 2021, reaching The other major deal of the quarter went to Kriya Therapeutics, which closed a $320.8 millionSeries D round in August. The startup is developing AAV gene therapies across ophthalmology,cardiometabolic, and neurology indications, with its lead candidate in Phase 1/2 trials. Anothernotable deal included Treeline Biosciences, which raised $200 million in a Series A extension, In contrast to rising valuations, median deal sizes have remained relatively consistent acrossstages since 2020. This again reflects the selective investment environment, as investors are less Exit activity Notable deal activity IPO opportunities between the US and China continued to diverge in Q3 2025. The IPO window inthe US remains tight, with just one listing in the third quarter. China, on the other hand, saw five The top deal of the quarter went to MapLight Therapeutics, which raised $372.5 million for itspipeline of clinical-stage therapeutics targeting brain disorders. The company’s lead candidate QUARTERLY ANALYSIS M&A has emerged as a primary driver of exit liquidity over the past two years, as majorpharmaceutical companies seek to diversify their pipelines ahead of upcoming patent expirations AbbVie’s $2.1 billion acquisition of Capstan Therapeutics marked the largest exit of the quarter.Capstan operates in the increasingly competitive in vivo cell therapy landscape. The modality,which seeks to replace the ex vivo reprogramming process in cell therapy by delivering geneticpayloads directly to cells, has seen a wave of acquisitions and deal activity in 2025. Most recently, Bristol Myers Squibb announced the $1.5 billion acquisition of Orbital Therapeutics in October. QUARTERLY ANALYSIS Public biotech equities have begun to pick up after a slow start to the year, driven by increasedM&A activity, greater regulatory clarity, and an improved macroeconomic environment. TheMorningstar US Biotech Index ended Q3 up 6% on the year, regaining prior losses, and with Conclusions With deal counts stabilizing, VC biopharma activity is showing signs of recovery. However, thepace of this rebound may be constrained by a tough l