Life Science Washington, the state’s life science industry association, today published its first annual “Investor Report,” detailing the life science investment trends in Washington state over the last year. The report, compiled from Pitchbook, S&P Global Market Intelligence and other publicly disclosed data, shows strong financial momentum for Washington life science companies with more than 180 investors worldwide making deals across the state in 2021 alone.
With $5.08 billion total invested across 112 deals last year, 2021 saw more investment in the industry since 2013, aside from 2018 when Juno Therapeutics was acquired for $8.6 billion, according to the report. Of the top five deals last year, only one of the investment firms is headquartered in Washington state, showing the state’s industry continues to garner attention from leading investors both nationally and globally.
“It’s not easy to build a life science company and this report shows investors worldwide recognize the incredible innovation being developed by Washington companies— from emerging to established players and across all sectors of life sciences,” said Marc Cummings, President and CEO of Life Science Washington. “These investors are placing bets on companies in an established hub with a deep history of global health innovation and a pioneering spirit that continues to create cutting-edge companies. This report also shows that investment is on a steady growth path, with our biotech companies leading the way.”
With the unique convergence of top-tier technology and life science talent, Washington continues to solidify its position as a leading biotechnology hub in the country. The report finds Washington’s biotechnology companies captured nearly half (47%) of the total deals, followed by medical technology (29%) and digital health (23%).
Life Science Washington Institute Readies Next Era of Life Science Companies
As the report finds record momentum in 2021, Life Science Washington Institute, a Life Science Washington affiliate, is helping to grow the next generation of life sciences companies in Washington through mentorship, connections and workshops.
Most recently, the U.S. Small Business Association awarded $125,000 to the Institute to further its work with researchers and entrepreneurs from across the state to help them enhance their proposals and increase the number of Small Business Innovation Research and Small Business Technology Transfer program awards received particularly from applicants from underserved communities. These awards support research that is intended to translate into commercial products.
For more information and to dive into the 2021 Investor Report, click here.