PitchBook：2025年一季度制药生物工具风险投资趋势报告（英文版）

Funding activity sees a strong rebound: Investment in pharma biotools has mirrored that of broader biopharma cycles. After peaking in 2020-2021 at $10.4 billion across 430 deals, funding corrected through 2022-2023 before beginning to resurge in 2024. Q1 2025 demonstrated a strong rebound, recording 65 deals (up 8.3% from Q4 2024) with $1.3 billion in funding. This marked an 81.4% quarterly increase and the highest level of investment since Q2 2024. However, the industry is very consolidated,