After a red-hot 2018, private venture capital investment in early-stage biopharma and life-sciences companies cooled off this past year, notwithstanding the still-significant number of headline-grabbing nine-figure financings enjoyed by some companies. Why the decline? Experts have offered varying explanations, including financial markets still recovering from last year’s global equity sell-off, last winter’s U.S. government shutdown, and continuing trade and political tensions.
