Biotech funding stabilizes as big firms lead, smalls struggle
San Francisco AP reports biotech venture capital markets show steadier funding from established firms while smaller startups face a drought. In the quarter ended June 29, 67 biotech companies raised 977 million, a rise from the prior period, yet overall venture capital activity fell sharply. Consolidation grows as 16 of the biotech firms drew most of the new money, pressuring cash-poor startups toward mergers.