In Granada this June, I spoke to a familiar dilemma: how to keep momentum in biotech when funding is tight, valuations are down, and uncertainty is everywhere. I started with a simple idea: we are in a full funding cycle reset.
Let’s talk about what that means.
After years of exuberant funding (2018–2021), biotech venture capital has dropped back to levels seen in 2012. For many, this feels like a collapse. But there is still opportunity for those who build lean, focused, collaborative ventures.
We now face a constrained investment landscape. Boards are holding off on IPOs. M&A deals are being delayed due to uncertainty around valuation. US federal budgets have curtailed funding. Global policy uncertainty, from tariffs to drug pricing, is complicating everything from market access to cross-border partnerships.
But innovation hasn’t stopped. Some biotech companies are raising significant private rounds. Strategic partnerships, particularly across territories, linking Europe, the US and Asia, are gaining importance as a non-dilutive funding mechanism. Pharma, with its ever-present patent cliffs, still needs biotech innovation to fill its pipeline.
So the question is no longer “How do we get funded?” It is “How do we become the kind of company that attracts strategic partners, even in a cautious market?”
At LBBAL Alianza, this is exactly where we help. Our work isn’t just about diligence and deals. It’s about preparing companies to be credible, compelling partners: to pitch clearly, negotiate pragmatically, align on milestones, and deliver in real-world complexity.
Whether you’re navigating slow negotiations, aligning teams for a tech transfer, or exploring deal structures to raise non-dilutive funds: We help you find the path forward.
Because biotech doesn’t stop. It adapts.
