The difficult investment environment has made it harder to build newcos, but panelists at the Galien Forum talked about how that might help limit some of the me-too companies that proliferate when financing is easier.

Safety signals were the most common cause of discontinued candidates in the breakthrough therapy designation program in 2023.

Private Company Edition: Quarter-over-quarter increases in venture capital have been bolstered by fewer but larger rounds, like the recent $245m series A for Aiolos. Also, OrbiMed raised $4.3bn across three new VC funds, Rampart completed an $85m series A and Atom Bioscience raised an $83m series D. 

VC data from Evaluate show quarter-over-quarter drops in the number of biopharma companies raising private cash and in the amount of money raised as investors ride out public market troubles.