Private equity interest in the U.S. and Canadian pharmaceuticals and biotechnology industry has rebounded in recent years. The 38 deals completed in the industry last year was the second highest yearly total since 2003—only 2007's big showing of 50 deals outpaced 2013. Last year was also the third consecutive year of increased deal activity in the space, the first such stretch going back to the beginning of 2003, according to the PitchBook Platform.
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There's been something of a tug-of-war over the past decade between West Coast- and East Coast-based companies taking in PE funding. The Northeast region took in almost twice as many deals last year than the West Coast did, which fully reversed the scenario of 2012, when the West Coast took in two-and-a-half times as many deals as the Northeast did. The last time the Northeast outpaced its West Coast cohort was in 2008, when the former took in 15 private equity financings, compared to only three for the latter.