Who is eating US Biotech VCs’ lunch?

US-based sector specialists VCs that invest in series A biotech start ups still dominate the market in terms of providing funding but their share is going down.

Based on Bay Bridge Bio’s data, we see that specialist VCs’ share of funding now stands at 35% which is the highest but is down from 41% last year.

So who is eating their lunch? Everyone has been nibbling at their share but the most serious threat is coming from PE shops who are moving downstream and are paying crazy sums and driving valuations higher and higher.