Nordic Life Science 1
58 “US funds in particular have raised a signific
ant amount of capital. While the focus over the last couple of years has been to ensure portfolio companies were in good shape, VC are deploying capital into new investments.” further development ultimately serve all stakeholders. Creative solutions to ensure continued progress for truly worthwhile endeavors should be a top priority for all of us engaged in the life sciences.” Now looking forward, what is to be expected from 2024? Vasilios: “This year has certainly started strong both from a strategic (M&A, licensing/partnering) and financial (public and private investing) deal perspective. It really started in late 2023 with significant M&A transactions announced even between Christmas and New Year’s and the time leading up to the JP Morgan Healthcare conference in San Francisco. I expect an active deal market to continue for our industry this year.” What makes you believe so? “Several reasons; firstly the biopharma IPO window is open in the US and this has an effect on companies globally as companies seek capital to progress their pipelines. While the companies listings have primarily been US-based, it will not be surprising to see strong ex-US companies looking to tap US investors, this includes Nordic companies as there are compelling companies in the region. Secondly, while the large ticket strategic deal making has been M&A for the most part, this will bleed into licensing/partnering activity as well. And last but not least, venture funding should see an increase in activity; US funds in particular have raised a significant amount of capital. While the focus over the last couple of years has been to ensure portfolio companies were in good shape, VC are deploying capital into new investments.” For those companies who now see the light in the tunnel, how has the competitive landscape changed? Jonathan: “I believe in the fundamentals of our space and pay less attention to the trends of what’s hot and what’s not. Fundamental solutions – therapeutics that address unmet need in a meaningful and not just incremental way, technology solutions that address patient outcome quality, workflow improvements, diminish invasiveness, and achieve improved economic efficiency for delivery systems remain key.” Several events have seen a record high number of companies attending, the trickiness being to match that with investors. What will attract US investors back to Nordic life sciences? Jocelyn: “The NAHC is an annual milestone in the USNordic healthcare community, in part because people understand that the Nordics bring such a unique excellence in development approach and that we will curate and present only the most compelling technologies. We are in it for the long run, and it pays off. By committing over time to fostering US-Nordic collaboration, we ensure that Nordic excellence in technology and management and US market opportunities have a clear path, even in times of turbulence. As markets now open up again and IPOs gain traction, we are not surprised to see US companies looking to the Nordics for partnering, collaboration and inspiration.” The Biotech Builder Interview with Krishna Allamneni, EVP and Chief Development Officer, Concarlo Therapeutics, Strategic Advisor California Life Sciences FAST Advisor, San Diego Ecosystem. Can you share when the investment landscape started to shift for California biotech and its consequences? “General investors who had shown interest in biotech during COVID shutdown began to pull back around the 1st quarter of 2021, about a year into the successful vaccination of the general public. This was reflected in the downward slide of the US Biotechnology market and a tightening of capital availability as early as Summer 2022 that continued on through late 2023.” “However, US biotech started experiencing a slight uptick in the investment landscape around the last half of 2023. The long California Biotech drought of 2021-2023 was a tremendous blow to early-stage preclinical and platform companies that took advantage of the mirth. As IPO opportunities became scarce, even for clinical stage companies, venture capital firms were left to support existing pre-IPO portPREDICTING 2024 // FINANCING