Biopharma financings rebounded in May, reaching $9.15 billion and marking a 48% increase from $6.18 billion in April. However, value is down from the $13.84 billion in financings seen in March and $22.3 billion in February. This year’s monthly average of $12.52 billion reflects an 112% increase from the average of $5.91 billion per month in 2023.

Trophoblast cell-surface antigen 2 (TROP2) antibody-drug conjugates became a topic of talk during the recent American Society of Clinical Oncology meeting in Chicago.

In 2024, the value of biopharma nonprofit deals is tracking slightly higher than the previous year, but still significantly lower than the value seen in prior years. Meanwhile, grants to biopharma firms have dropped by more than 50% compared to last year’s monthly average. The U.S. Department of Defense emerged as the leading grant issuer to biopharma firms, and also saw the highest-value nonprofit deal in the sector.

Following a significant decline in 2023, private investments in public equity (PIPEs) are rebounding strongly in 2024. Through late May, the collective value of PIPEs has already surpassed the full year 2023 by more than three times, and is also ahead of 2022.