The biopharma IPO window is rewarding investors with rapid valuation step-ups and a shortened trajectory to an exit (some companies have gone public two to three years post-Series A). This path to liquidity is translating into renewed excitement by limited partners who are eager to keep the investment cycle going by supporting larger venture financings at a faster pace. At the halfway point of 2018, the US venture capital market continues to see the crystallization of a new normal where capital is concentrated into fewer, larger deals.
At the same time, the improved access to the IPO market, particularly for immuno-oncology (IO) companies, has been a welcome...
