MassBio’s 2021 Industry Snapshot shows incredible growth across the life sciences industry, also revealing forthcoming opportunities and challenges. Download the report.
The report found that Massachusetts-headquartered biopharma companies raised $4.3 billion in venture capital (VC) funding in the first quarter of 2021, already nearing the industry’s peak of $5.8 billion in 2020.
The IPO market also remains strong, with 10 IPOs from Massachusetts-headquartered companies in the first half of 2021, raising a total of $2.1 billion – a rate on-pace with the 21 IPOs launched in 2020.
These record-breaking funding rates are leading to growth in the real-estate pipeline across Massachusetts: over the last year, Massachusetts added nearly five million square feet of lab space and is projecting an additional 20 million square feet in lab and biomanufacturing space by 2024.
Despite the economic downturn caused by the COVID-19 pandemic, biopharma employment in Massachusetts grew at a rate of 5.5% in 2020, reaching nearly 85,000 jobs and representing a 92% increase over the last 15 years (2005-2020).