McKinsey August 12, 2021
Europe’s biotech sector has made meaningful progress in attracting capital. However, raising more capital will be essential to the continued growth of this sector.
European biotech has been increasingly successful at attracting financing capital from public and private resources. Late-stage funds have seen tremendous growth since 2010, with an 8.5 percent CAGR in the median fund size. Venture funding has increased at a similar rate to that in the United States, though from a smaller base. Moreover, the returns on late-stage investments are higher in Europe, with a net internal rate of return of 15 percent, compared with 13 percent in the United States.
When it comes to transforming research into a pipeline of new medicines, growth has been stagnant...
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