A look at biotech’s biggest money raisers of 2024
Top Fundraising Rounds
1. Xaira Therapeutics:
$1 billion (Series A)
- Largest private biotech funding round of 2024
- Developing precision medicines for inflammatory and fibrotic diseases
2. Treeline Biosciences:
$421.8 million
3. Kailera Therapeutics:
$400 million
4. Mirador Therapeutics:
$400 million (Series A)
- Developing precision medicines for inflammatory and fibrotic diseases
5. Formation Bio:
$372 million (Series D)
- AI-based drug development platform
- Phase 2 trials in atopic dermatitis
6. Candid Therapeutics:
$370 million
7. Arsenal Biosciences:
$325 million (Series C)
- Developing CAR T cell therapies for solid tumors
- Advancing lead programs through clinical development
8. Metsera:
$290 million (Series A) + $215 million (Series B)
- Developing treatments for obesity and metabolic diseases
Key Trends
- Megarounds dominated biotech fundraising in 2024, with many $100+ million rounds
- Total biotech/pharma venture funding reached $26 billion in 2024, up from $23.3 billion in 2023
- Fewer total funding rounds (416) compared to 2023 (462), but larger average deal sizes
- Focus on early-stage "mega rounds" from established teams and leaders
- Hot areas included AI drug discovery, obesity treatments, and oncology
- Experienced management teams and clinically validated science attracted more funding
- Overall increase in venture capital volume and IPO activity compared to 2023
The 2024 fundraising environment favored established teams and later-stage assets, while early-stage companies faced more challenges. However, the return of large financing rounds signaled renewed investor confidence in the biotech sector after a difficult period in recent years.