Third-quarter biopharma financing totaled $9.7 billion from 139 deals, a 37% decrease from Q2's $15.4 billion (from 194 deals). (See Exhibit 1.) Even though numbers were down, 20% of the Q3 transactions reached $100 million or greater and the average deal value was $70 million. (In comparison, 18% of the Q2 financings were $100 million or greater, while the average deal value was $79 million – greatly inflated by Endo International PLC's $2.2 billion FOPO [See Deal]; without including this financing, the Q2 average deal value was $68 million.)
Exhibit 1