Mass. biopharma funding reaches record-breaking $14B
photo/EDD COTE
ZATA Pharmaceuticals and its President and CEO David Tabatadze operated out of the Massachusetts Biomedical Initiatives incubator in Worcester.
In 2021, Massachusetts-based biopharma companies received a record-breaking total of $13.66-billion in venture capital funding, a 70% increase compared to the year prior, according to a report released Wednesday.
The Massachusetts Biotechnology Council, a Cambridge-based nonprofit, released its 2021 Massachusetts Biopharma Funding Report detailing the state’s economic growth as an early-stage research and development hub.
The growth of the state’s biopharma industry is reflected by the amount of funding directed towards Massachusetts-based firms. Out of all national venture capital biopharma investments made in 2021, Massachusetts received 36% of these funds.
The increase in venture capital funding was paired with a strong IPO market for emerging biotech companies, according to the announcement. In 2021, Massachusetts-based initial public offerings over the previous year increased with 25 IPOs, up from 21 IPOs in 2020.
According to the report, 28% of all United States-based biopharma IPOs in 2021 were from Massachusetts-based companies.
“As we’ve seen from previous years, these capital investments in Massachusetts biopharma companies will lead to further demand for lab and biomanufacturing space across the Commonwealth,” said Kendalle Burlin O’Connell, president and chief operating officer of MassBio in the written report.
CORRECTION: In a previous edition of this article, it was cited that venture capital funding in Massachusetts had increased by 7% compared to the previous year. This figure is incorrect, according to the 2021 Massachusetts Biopharma Funding Report venture capital funding increased by 70%.
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