Venture hots up

Private biotechs have raised $3.1 billion since the start of the year, double the $1.5 billion raised in the same period last year. At least one investor contacted by BioCentury expects the pace to continue in part because LPs are redeploying returns from prior healthcare investments to new biotech funds.

That would mark a dramatic change from two or three years ago, when biotech VCs were struggling to lure LPs...