Report: State's biopharma industry see signs of a rebound as Central Mass. companies received $249M in venture capital in 2024
Photo | Eric Casey
WuXi Biologic's facility in Worcester under construction in 2024
Massachusetts saw $7.89 billion in venture capital funding investment in the biopharmaceutical industry, an increase of $220 million from 2023, as Central Massachusetts firms brought in $249 million in funds.
This increase in funding is the first year-over-year increase since the COVID-19 pandemic, according to a report issued Tuesday by Cambridge-based non-profit MassBio. Massachusetts received 28.3% of national venture capital investments into the biopharma space, trailing only California, which received 41.6% of national funding.
Signs of growth in the life science industry will likely be seen as good news for developers who are looking to complete life science real estate projects started in the wake of the pandemic, when some local officials felt Central Massachusetts was ripe for a biopharma boom. The global slowdown has impacted several prominent projects in the area, including The Reactory campus in Worcester.
Framingham led Central Massachusetts municipalities included in the study in venture capital investment, bringing in $136 million. Natick companies brought in $57 million, while Worcester-based firms brought in $56 million. Combined, these municipalities account for about 3% of total investments covered in MassBio’s study.
“Not only is biotech back, but Massachusetts is leading the recovery with a return to the fundamentals of investment following the best science on its way to patients,” Kendalle Burlin O’Connell, MassBio CEO and president, said in a Tuesday press release accompanying the report. “We saw venture firms invest in startups with promising data and pharma companies acquire and partner with companies with advanced pipelines.”
The total of $7.89 billion in statewide investment was down from a peak of $13.66 billion in 2021, but higher than the pre-pandemic year of 2019, which saw $4.73 billion in investments.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
WBJ Web Partners
Most Recent
Most Recent
0 Comments