TLDR:
- Indiana’s life sciences companies raised $5.5 billion in 2023 from various sources, down 19% from the previous year.
- The breakdown of the funding includes venture capital, federal awards, public markets, mergers and acquisitions, and funds for facilities.
Indiana’s life sciences sector received investments totaling $5.5 billion in 2023, showcasing a slight decrease of 19% from the previous year. The funding, sourced from various channels such as venture capital, federal awards, public markets, mergers and acquisitions, and facility upgrades, highlights the state’s growing potential in the life sciences industry. The report, released by BioCrossroads, a prominent Indianapolis-based organization supporting and investing in the state’s life sciences sector, emphasizes the significance of these investments in driving future breakthroughs within the sector.
The venture capital investments in 2023 amounted to $287.5 million, benefiting 34 companies involved in a range of technologies like medical isotopes and stem-cell therapies. Notable federal awards included $8.2 million granted to 17 companies, with major recipients being Kovina Therapeutics, Wik Devices, and Biomineral Systems LLC. Public markets saw a total of $160.7 million raised by three companies, while mergers and acquisitions amounted to nearly $3.5 billion involving Indiana-based life science firms. Two significant deals included the acquisition of Paragon Medical by Ametek Inc. for $1.9 billion and Point Biopharma by Eli Lilly and Co. for $1.4 billion.
Additionally, $1.5 billion was raised for establishing, expanding, or upgrading facilities, resulting in the creation of nearly 750 new jobs. Despite a decrease in these figures from the previous year, Indiana’s life sciences sector made a considerable economic contribution of $95 billion in 2023, surpassing the $77 billion mark in 2022. This growth underscores the state’s emergence as a hub for life sciences innovation, with collaborative efforts and excellence driving industry success.
