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Update Therapeutics | Q3 2023

State of the Landscape

With this article we want to update you on investment deals and activity in Therapeutics over Q3 2023. We focus on all-stage venture financing deals and types of M&A activity across European companies, and elaborate on one early-stage and one later-stage deal made this quarter.

An overview

The Therapeutics sector has seen 23 deals over the course of the third quarter in 2023, amounting to $819M. All of these 23 were venture financing deals ranging from series A through C, at 19, 3, and 1 deal respectively. Similar to deal activity in other sectors (Medtech, Diagnostics and Digital Health), no M&A have been recorded over the past three months. August and September have seen the same number of deals but vary widely in total deal value ($133M vs. $566M respectively, Figure 1). When we consider the ticket sizes per investment stage/series this quarter, we find a median of $19M in Series A and more than twice this amount ($47M) in Series B financing (Figure 2). The focus of investors varies a lot this quarter, especially compared to deals in MedTech, Diagnotics and Digital health. Of the total 23 investments, 10 were focused on oncology, auto-immune disorders and cardiovascular diseases – the most prevalent indications and largest markets. However, we also see investments oriented towards more efficient drug discovery and different therapy approaches such as telemedicine.

Number of deals and deal value($) per month
Figure 1: Number of deals and deal value($) per month
Therapeutics: Deal value ($) range per Investment stage
Figure 2: Deal value ($) range per Investment stage
Therapeutics: Investment areas of Q3 2023 deals
Figure 3: Investment areas of Q3 2023 deals


We will cover one selected early-stage deal and one later-stage/growth deal to shed more light on interesting financing deals in the sector.

Bactolife raises 30M in Series A Financing – 8/8/2023

Bactolife A/S, a bio-industrial company developing proprietary Binding Proteins™, which strengthen the gut microbiome of humans and animals with the aim of reducing the burden of gastrointestinal infections and anti-microbial resistance, has raised €30 million since its April 2021 seed round. The financing round is led by ATHOS with participation from the Bill & Melinda Gates Foundation and existing investors, incl. Novo Holdings. Proceeds from the financing will enable Bactolife to advance its most mature projects towards commercial launch and strengthen the technology platform and upscaling capabilities. By doing so, the company aims at retaining its first mover advantage to transform human and animal health with target specific Binding Proteins™. Globally, there are more than 1.6 billion cases of diarrheal diseases per year which at best result in stomach upsets. At worst, they can lead to life-threatening illnesses. Meanwhile, annual healthcare costs are increasing and options to avoid disease manifestation in the first place are limited. It is estimated that 760,000 children die annually from gut infections, while in those who survive, both infections later in life and growth stunts are observed. Today, most infections are treated with antibiotics that are either highly expensive or contribute to the spread of antibiotic resistant bacteria. Bactolife takes a unique approach to gut health by developing Binding Proteins™ that can reduce the risk of developing gut health infections, thereby reducing the need for antibiotics at an affordable price point – all for the greater good of humans and animals.

Apollo Therapeutics raises $226,5M in Series C Financing – 6/9/2023

Apollo Therapeutics Ltd, a portfolio biopharmaceutical company focused on translating fundamental medical research into medicines, has raised $226.5M (~€213M) in Series C venture financing. The biotech portfolio model is a key example of companies catering to the appeal of VC, by acquiring the IP of multiple high-potential drug candidates. The round was led by Patient Square Capital, joined by newly participating investors including M&G plc and two of the largest US public pension plans, along with existing investor Rock Springs Capital. “We are delighted to announce the close of our latest fundraise and wish to thank our existing investors for their continued support, as well as warmly welcoming all the new investors.” said Dr. Richard Mason, Chief Executive Officer of Apollo Therapeutics. “Apollo has built a broad and diversified pipeline focused on major commercial markets. This latest fund-raising enables us to take our most advanced programs to key clinical value inflection points.”

Apollo therapeutics has a portfolio of 19 different drugs at various development stages across a multitude of therapeutic areas, such as musculoskeletal disorders, oncology, respiratory diseases, cardiovascular diseases, central nervous system, metabolic disorders, ophthalmology, infectious diseases, and genetic disorders. Most of these (17) are inactive at this point but can easily be activated once their spearhead products (cell therapy for retinal degeneration and a new cancer medicine) have progressed further into their clinical phase.

What does the Venture Finance team at FFUND do?

FFUND’s Venture Finance team helps building and strengthening companies’ propositions to raise capital in an investment round. We do this by offering a number of services: analyzing the companies’ performance through assessment of key indicators, designing the data-room, performing market analyses, company valuations and composing the business plan and teaser deck for investors. On top of that, the team leverages its network of investors to receive feedback on your proposition while serving as a warm introduction.

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Picture of Siebe Warnars

Siebe Warnars