This year’s 2023 Biopharma Industry Funding and Pipeline Report includes expanded data on VC investments, IPOs, and mergers and acquisitions, as well as drug pipeline statistics and FDA approvals for 2023.

2023 Biopharma Funding & Report

Report Highlights:

  • Massachusetts-headquartered companies received $7.67 billion in venture capital (VC) funding in 2023, 31% of all national VC investments behind only California (38%). 
  • The total number of funding rounds declined from 273 in 2022 to 242 in 2023, with 221 companies being funded against 246 in 2022. 
  • 58% of VC funding went to companies not headquartered in Cambridge, with Boston, Natick, Newton, and Watertown all increasing their share of funding. 
  • Massachusetts had just two IPOs in 2023, though both were in the top five nationally for the year, and both companies were trading higher at the end of the year. 
  • 38 local companies were acquired for a total of $13.04 billion. 

What we’re saying:

“It is incredible to see local companies continue to attract substantial VC funding, while M&A activity has increased to fill the gap left by the lack of IPOs. Our unmatched density of biotech startups, pharma companies, investors, and academic institutions translates into the delivery of life-changing therapies for patients around the world.”

– MassBio CEO and President Kendalle Burlin O’Connell 

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