Since 2025, U.S. biopharma companies have raised $37.2 billion—68% of total worldwide venture capital funding in the industry—with startups in the San Francisco Bay Area and Boston leading the way.
Biopharma has collected $54.5 billion across 959 rounds globally since the start of 2025 through 2026’s third quarter, with U.S. companies attracting $37.2 billion—about 68% of the total funding.
In the U.S., the two leading biopharma hubs are the San Francisco Bay Area and Boston, raising $12.8 billion and $10.2 billion since 2025, respectively, according to an October biopharma report from J.P. Morgan. Together, the two areas gathered about 62% of all U.S. biopharma funding over the past seven quarters, “underscoring the continued concentration of capital in established life-sciences ecosystems,” according to the report.
San Diego, Philadelphia and the Research Triangle in North Carolina stood out as three other strong U.S. fundraisers, raising a collective $5.2 billion over the same time period.
Outside of the U.S., European biopharma companies raised $9.2 billion from 2025 to 2026’s Q3, accounting for just under 17% of all capital deployed. In Europe, the U.K. raised the largest share, securing $3.1 billion across 58 rounds. Switzerland followed at $1.8 billion, with France drawing in $851 million and Germany raising $832 million.
Worldwide, money deployed in the most recent quarter stayed concentrated in fewer, larger rounds. Half of the $1.1 billion in capital deployed came from just five of the 32 rounds.
Overall, 2026 is on track to surpass last year’s total of $30.5 billion, with J.P. Morgan projecting full-year biopharma funding to reach about $33 billion.
