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Most Active Biotech Investors 2026
This page tracks the most active investors in biotech and biopharma in 2026 — venture capital, multi-stage crossover, hedge fund, corporate venture, asset manager, and PE/buyout participants in equity rounds of US$20M or more. Ranked by number of qualifying deals year-to-date, with investor type, AUM, and HQ. It is built for biotech investors, founders, bankers, and BD teams who want a fast read on who is actually deploying capital into biotech right now — which firms are sitting at the top of the league table, where the capital is concentrated by type and geography, and how the strategic / pharma layer fits in alongside specialist financial investors. BioBucks updates this tracker as new financings price. The daily newsletter then adds the read-through: who is showing up in which rounds, which crossover names are leaning in, and what those investor patterns say about the broader biotech financing backdrop. Last updated: 17 May 2026
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2026 biotech investor activity snapshot
  • 1,022 unique investors participated in biotech/biopharma equity rounds of US$20M+, representing roughly 1,675 deal-investor pairings YTD.
  • RA Capital leads with 33 deals, followed by Janus Henderson (26), OrbiMed (17), TCG Crossover (14), and Vivo Capital (13).
  • Top-30 mix: Multi-Stage (10), VC (8), Hedge Fund (5), PE/Buyout (3), CVC (2), and Asset Manager (2). Geography: North America 24, Europe 4, Asia 2. Pharma signal: Eli Lilly ranks #7 with 12 direct equity participations.
Top 30 most active biotech investors — 2026 YTD
# Investor Type Deals YTD AUM HQ
1 RA Capital Management Multi-Stage 33 $10.0B Boston, MA
2 Janus Henderson Investors Asset Manager 26 $479.6B London, United Kingdom
3 OrbiMed Multi-Stage 17 $20.0B New York, NY
4 TCG Crossover Management Multi-Stage 14 $5.1B Palo Alto, CA
5 Vivo Capital Venture Capital 13 $7.5B Palo Alto, CA
6 Venrock Venture Capital 12 $2.9B Palo Alto, CA
7 Eli Lilly CVC 12 — Indianapolis, IN
8 Balyasny Asset Management Hedge Fund 11 $248.1B Austin, TX
9 Adage Capital Management Hedge Fund 11 $70.4B Boston, MA
10 Qiming Venture Partners Venture Capital 11 $9.5B Shanghai, China
11 Frazier Healthcare Partners PE/Buyout 11 $7.7B Seattle, WA
12 Cormorant Asset Management Multi-Stage 11 $3.8B Boston, MA
13 Logos Capital Multi-Stage 11 $2.3B San Francisco, CA
14 RTW Investments Multi-Stage 9 $14.1B New York, NY
15 The Invus Group PE/Buyout 9 $10.0B New York, NY
16 Deep Track Capital Multi-Stage 9 $8.4B Greenwich, CT
17 LAV (Lilly Asia Fund) CVC 9 $5.9B Hong Kong, Hong Kong
18 ADAR1 Capital Management Multi-Stage 9 $1.7B Austin, TX
19 Novo Holdings Venture Capital 8 $108.9B Hellerup, Denmark
20 BVF Partners Multi-Stage 8 $6.1B San Francisco, CA
21 Foresite Capital Multi-Stage 8 $3.2B Larkspur, CA
22 Samsara BioCapital Venture Capital 8 $2.2B Palo Alto, CA
23 Trails Edge Capital Partners PE/Buyout 8 $933M Atlanta, GA
24 Marshall Wace Hedge Fund 7 $70.0B London, United Kingdom
25 Woodline Partners Hedge Fund 7 $22.0B San Francisco, CA
26 ARCH Venture Partners Venture Capital 7 $9.0B Chicago, IL
27 Forbion Venture Capital 7 $5.9B Naarden, Netherlands
28 Alexandria Venture Investments Venture Capital 7 $2.0B Pasadena, CA
29 Coastlands Capital Hedge Fund 7 $785M San Francisco, CA
30 Wellington Management Asset Manager 6 $1.43T Boston, MA
Methodology note: Window: 1 January – 17 May 2026. Filter: pharmaceuticals and biotechnology industry, equity and add-on investments only, deal size of US$20M or more. "Deals YTD" reflects the number of qualifying investments each investor participated in during the window; counts include co-investor participations, so this is an activity tracker rather than a lead-investor tracker. AUM figures are as reported and may be approximate; dashes indicate not disclosed. Investor types reflect editorial classification: Multi-Stage is applied to biotech / life-sciences-dedicated firms that operate across private and public stages, and CVC consolidates corporate venture capital arms and pharma strategics that take direct equity. All other types follow PitchBook's primary classification.

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