2026年一季度生物制药风险投资趋势（英）2026

Biopharma VC Trends VC activity across the biopharma ecosystem Contents Biopharma landscape3 Institutional Research Group Ben ZercherSenior Research Analyst,Biotech & Pharmaben.zercher@pitchbook.com Quarterly analysis4 Key takeaways4 Caleb WilkinsData Analystcaleb.wilkins@pitchbook.com VC activity4 pbinstitutionalresearch@pitchbook.com Published on April 28, 2026 Biopharma Quarterly analysis Key takeaways •Biopharma VC deal value and count both declined in Q1 2026, but the pullback follows twoconsecutively strong quarters and comes as capital shifted toward exits rather than new deployments. •The exit environment continued to strengthen, with a reopened IPO window and late-quarter M&Aactivity (third consecutive quarter of sequential increase in M&A deal values) offering renewed liquidity •Capital concentrated around high-conviction themes including multispecific platforms, next- VC activity Biopharma VC deal value and count both decreased in the first quarter of 2026. Deal value fell from$10.1 billion to $7.2 billion, while deal counts dropped from 374 to 265. Although this appears to be atodds with the increasingly positive sentiment in the sector—owing to the strong close to 2025 in both VCdeal activity and the bull run of biotech indexes—the Q1 pullback warrants context rather than concern. Capital in the broader biopharma market shifted toward a reopening IPO window and an active period Unlike VC deal value, VC-backed exit value increased for the third consecutive quarter. Early in thequarter, exits were driven by a run of high-profile public offerings, signaling a reopening of the USIPO window after several subdued years. Commercially focused biopharmas with late-stage clinicalassets, such as Aktis Oncology, VeraDermics, and Agomab, formed the backbone of the window; Despite fervent M&A discussion at the J.P. Morgan Healthcare Conference in January, deals were initiallyslow to follow, with a flurry of activity arriving in the last week of the quarter. Ouro Medicines, Orna Together, the reopened IPO window and Big Pharma M&A provide critical liquidity pathways for GPs andLPs. These exit channels are more exposed to macro volatility than early-stage VC deployment, but the Investment trends by segment To examine Q1 deal activity more closely, we are introducing an improved segmentation frameworkthat categorizes biopharma companies by the molecular modality of their core technology or mostadvanced pipeline program. Companies active across multiple modalities are classified by their Small-molecule development drove the highest share of deal count in Q1. Renewed interest in small-molecule development has coincided with the adoption of AI-assisted approaches that can accelerate While small-molecule developers saw the highest deal share, the biologics segment drove thehighest deal value at $3.1 billion. In this segment, companies advancing monoclonal antibody (mAb)programs—and more specifically their next-generation multispecific constructs that can engage QUARTERLY ANALYSIS QUARTERLY ANALYSIS Meanwhile, the cell and gene therapy (CGT) segment saw comparatively low deal activity in Q1,contributing to a decline in deal value of 12.6% YoY. CGT has endured a challenging year as high-profile fusion protein alongside a peptide-based amylin agonist. Ambrosia Biosciences’ $100 million SeriesB will fund three small-molecule candidates, each targeting a distinct mechanism, with the goal of adverse events disrupted key clinical trials.2,3Shifting FDA guidance, notably illustrated by the unusuallypublic debate around UniQure’s Huntington’s gene therapy, added to an already uncertain regulatory AI themes Layering therapeutic area focus onto these modality trends reveals where specific technologiesare gaining traction. In oncology, which continued to lead all therapeutic areas in VC activity, fivecompanies raised rounds exceeding $100 million across a range of modalities. Parabilis Medicinesraised the largest round of the quarter, taking in $305 million to advance its stabilized, membrane-permeable helical peptides. Orca Bio’s $250 million round will fund the commercial infrastructure The beginning of 2026 lacked the high-profile mega-rounds raised in previous years by AI-enabledbiopharma startups. Instead, investment in AI shifted noticeably toward tools-based approaches thatsolve specific scientific or development challenge rather than broad platform narratives. QuantX,for example, raised $85 million to fund candidate programs discovered using its protein dynamicsand machine learning-based optimization platform. More broadly, AI capital in biopharma flowedincreasingly through Big Pharma channels, as major drugmakers built out permanent infrastructure Diabetes and obesity also drove large rounds in Q1. Shanghai-based CORXEL closed a $287 millionround in January to advance its lead asset CX11, a small-molecule GLP-1 receptor agonist in late-stage trials in China and the US with a reporte