Big Pharma Helps Pour $900m Into Grail
The biggest venture funding round in history, pan-cancer screening test developer Grail has reeled in $900m in the first close of what it hopes will be a $1bn Series B round.
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It was a robust month for medtech M&A deal making with 17 deals in May, making it the busiest month of the year to date. The total number of acquisitions beat the number recorded in May last year and picked up slightly from the 14 deals inked in the previous month.
Medtech companies brought in $2.3 billion in financing in Q1 2017, a slight decrease from Q4 2016; device M&A deals totaled $5.8 billion, a sharp decline from the prior quarter, but there were some billion-dollar deals. Q1 diagnostics financings – totaling $1.2 billion (thanks to a $900 million Series B round by cancer diagnostics company Grail) – showed a significant increase over the preceding quarter, as did the Q1 M&As at $700 million versus the previous $87 million.
February’s total deal value hit a five-year low in the absence of large venture fundraisings. However, amongst the companies that succeeded in raising cash, those in the area of hemodialysis management attracted more investor interest than usual.