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If you want a quick read on where venture dollars actually landed in biotech in 2025, big rounds are the cleanest signal. This report tracks pharma/biotech VC financings ≥$30M and summarizes size, stage, geography, valuations, and investor activity.
Subscribers can download the full PDF report (and keep it for reference) immediately after the subscriber break below.
Quick stats (2025, ≥$30M rounds)
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Deals
340
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Total capital
$29.7B
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Median round
$60M
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Average round
$93M
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Source: PitchBook + BioBucks analysis. Cut includes financings ≥$30M only.
What this dataset is really saying
- Capital was concentrated. Most rounds clustered in the $30–$99M band, but $100M+ rounds drove a disproportionate share of total dollars.
- Later-stage dominated. In a ≥$30M cut, later-stage VC naturally shows up more often than seed.
- The US remained the center of gravity by both count and disclosed capital.
- Q4 accelerated. Deal activity and disclosed dollars peaked late in the year.
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The full PDF report (charts + appendix) is placed immediately after the subscriber break below.
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- Note: This is based on PitchBook disclosed financings and a ≥$30M filter; it is not intended to represent all venture financings.
How to use this (3 quick workflows)
- Investor targeting: identify repeat check-writers in your subsector and use the appendix to map who led vs who followed.
- Market calibration: benchmark what “big” looks like by stage and geography (especially if you’re planning a late-stage raise).
- Narrative building: lift 2–3 charts into your board/LP update to show where capital concentrated and when momentum picked up.