MassBio’s 2020 Massachusetts Biopharma Funding Report shows that the Massachusetts biopharma industry experienced its best funding year on record. In 2020, venture capital investment in Massachusetts-based companies reached $5.8 billion, surpassing 2018’s previous record high of $4.8 billion. Download the report.

In addition, 21 Massachusetts-based biopharma companies went public in 2020, a 110% increase from 2019, totaling $3.9 billion raised by IPO. These Massachusetts-based companies accounted for 32% of all United States-based biopharma IPOs by volume.

The report also found that Massachusetts’ leadership in the life sciences continues to expand beyond the Boston/Cambridge epicenter, as the state’s mini-clusters gain a stronger foothold within the industry. More than 50% of Massachusetts-based biopharma companies that received VC funding in 2020 were located outside of Cambridge, and nearly 40% of Massachusetts-based biopharma companies that went public were located outside of Cambridge.