Paras Sharma
@paras_biotech
In life science venture capital
Obesity riches are fueling venture bets — Lilly and Novo are charging into Series A deals [2025 YTD]
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Breaking the Billion: Blockbuster Trajectories For Drug Revenues Below is the timeline for revenue-milestone-spread for various blockbuster Oncology drugs. Source: Wells Fargo

Cowen: "Sentiment toward biotech stocks improved through the month of June and enters H2 above the nadir reached earlier in the Spring. Investors remain unenthusiastic, but are not nearly as despondent as they had been"

Fund flows for $XBI stands YTD net outflows $1,230M **YTD Pharma is performing below the S&P but above other healthcare metrics we track: Pharma is up +3.5%, XBI is down -5.4%, and Large-Cap Biotech stocks are up +0.8%, compared to the S&P 500, up +6.8%. Source: Needham

2014-2025 Biotech Valuations: The decline in private biotech valuations signals a structural, not just cyclical, shift—driven by a reassessment of risk tolerance, expected returns, and capital efficiency

Therapeutic and strategic analysis of biopharma companies trading below cash: 60/106 negative EV companies with mc <$100M, compared to 7 companies with a market cap above $500M 39% of these companies were oncology-focused; over half were in either Ph I or II Source: Canaccord

2014-2025: Venture financings across various stages of Biotechs - Historically, pre-clinical/clinical biotech were equally funded - Investors in 2020/21 peak went all in preclinical unproven/conceptual biotech - However, in '24 Preclinical biotechs felt the most pain

Centerview: advised on 38 of the 48 $1bn+ deals since 2023

Cowen's biotech thermometer: "Biotech seems to be at the center of the political storm, buffeted from all directions by initiatives that have the potential to meaningfully change the way biopharmaceuticals are licensed, reimbursed, or manufactured"

"In the past two months, more than a dozen of the largest multi national biopharma co's have announced plans to invest ~$280B in US" Source: Wells Fargo
