TLDR:
- Venture capital funding in July reached over $23 billion, with healthcare and biotech companies leading the way
- Billionaire Terry Ragon is investing $400 million to develop an HIV vaccine
In July, venture capital funding reached over $23 billion, with healthcare and biotech companies receiving the most investment, totaling $6 billion. This outpaced investments in AI companies, indicating a strong focus on the healthcare sector. Notable billion-dollar exits included Nerio Therapeutics’ acquisition by Boehringer Ingelheim and Otsuka’s acquisition of Jnana Therapeutics.
Billionaire Terry Ragon, the founder of software company InterSystems, has donated $400 million towards developing an HIV vaccine. Ragon believes in the approach he is backing and sees potential for success in a field that has seen many failures.
In other news, the FDA expanded its approval of GSK’s cancer drug Jemperli for endometrial cancer patients, Walgreens sold shares of drug distributor Cencora for $1.1 billion, Roche and Genentech exercised an option for a Neuromap from Recursion Pharmaceuticals triggering a $30 million payment, the FDA cleared Diality’s Moda-flx hemodialysis system, and Servier’s new drug Vorianigo was approved for certain brain cancer patients, resulting in a $1.1 billion milestone payment to Agios Pharmaceuticals.
Updated monovalent COVID-19 vaccines designed to protect against current variants are expected to be available soon, offering increased effectiveness compared to existing vaccines. Additionally, a study suggests that dopamine may improve memory in Alzheimer’s patients, Novo Nordisk’s stock dropped on disappointing earnings, Oscar Health reported another profitable quarter, and Wegovy and Zepbound doses are available again after shortages.
Overall, the healthcare and biotech sectors are thriving, with significant advancements in various areas including cancer treatment, neurological insights, and infectious disease prevention.
