Third quarter biopharma financing reached $13.3bn, representing a slight increase (7%) over the $12.4bn raised in Q2. As has been the pattern over the past two quarters, follow-on offerings again made up the most financing dollars in Q3, bringing in $4.3bn and accounting for 32% of the total. (See Exhibit 1.) Thirteen firms raised $100m or more, topped by a $549m offering by Seattle Genetics Inc., which will use the proceeds to support ongoing commercialization activities in the US and Canada for Adcetris (brentuximab vedotin, for various lymphomas) in new lymphoma indications; for the potential upcoming launch of enfortumab vedotin for bladder cancer [the BLA was accepted for priority review by the FDA, which set a PDUFA date of March 15, 2020; it has a 97% likelihood of approval (15% above average), according to Biomedtracker]; and for additional R&D and corporate uses [See Deal]. SGI, along with ten other pure-play cancer firms, together completed FOPOs totaling $1.45bn, just over a third of the Q3 FOPO dollars.
Biopharma Quarterly Dealmaking Statistics, Q3 2019
A Look At Financing, M&A And Alliance Activity July-September 2019
During Q3, biopharma company fundraising reached $13.3bn, mostly from follow-on public offerings, which again made up the most of those dollars. Despite numerous deals valued at $100m+, M&A activity was the lowest of the year. Many of the biggest partnership deals were centered around the inflammation/immune area.