US-based biopharma groups have always had access to much deeper pools of venture capital than European start-ups, but the divide has become starker amid the venture capital boom of the past few years.
Over the five years to 2020 the annual venture haul in the US almost doubled, to $13.6bn. Europe mustered a mere 26% growth in the pot over the same period, with young developers banking $2.3bn last year, according to Evaluate Pharma. Dig deeper and some of the differences start disappearing, however, with average round sizes expanding by a similar amount.
