Despite COVID-19, Massachusets-based biotech/pharma companies raised $2.1b in venture capital in the first half of 2020, $600m more than in the first half of 2019. Massachusets is known as the center of the U.S biotechnology industry and has over 1,000 biotech companies, from small startups to billion-dollar companies. Massachusetts biotech companies raised a total of $3.1b in 2019, down from nearly $5b in 2018.
- In 2019, Massachusetts biotech jobs as a whole reached almost 80,000, up 7.7% YoY, the highest one-year percentage increase since 2007. The state's biotech industry has grown 94% over the last 15 years, adding over 38,000 jobs.
- Massachusetts-based biotech VC firm Flagship PIoneering raised $1.1b alone in the first half of 2020 for its seventh biotech fund. Since being founded in 2000, Flagship has created/funded 40+ companies, all in Massachusetts except one.
- Notable Flagship companies include Moderna, Denali Therapeutics, Cellarity, Sigilon Therapeutics, Kaleido Biosciences, Rubius Therapeutics, and Codiak Biosciences. Moderna recently began late-stage testing of its COVID-19 vaccine and has seen its stock skyrocket over the last year, from $13.69 one year ago, to $81.49 today at the time of this writing.
- Flagship PIoneering's fourth VC fund, Flagship Ventures Fund IV, had the best single fund results among biotech VC firms and has currently returned investors nearly 9x on their money over the last eight years.
Massachusetts BioTech IPOs:
Seven Massachusetts based biotech companies had IPOs in the first half of 2020, which made up 30% of all U.S.-based biotech IPOs. They raised an average of $187m each through the IPO. They were:
- Forma Therapeutics – $287m
- Black Diamond Therapeutics – $231m
- Akouos – $212m
- Beam Therapeutics – $207m
- Generation Bio – $200m
- Keros Therapeutics – $100m
- Imara – $75m