Executive Summary

Eli Lilly and Boehringer Ingelheim signed a risk-sharing deal worth over $2 billion to co-develop several diabetes candidates. To gain access to viral cancer vaccines, Amgen paid $425 million up front for BioVex, which could get another $575 million in regulatory and sales earn-outs. Three fundraises (from Symphogen, Nektar, and Pharmasset) that brought in over $100 million each contributed significantly to the $1.1 billion in biopharma financing. For the first time in six months, no device company completed a public offering in January - money invested in this industry totaled only $188 million, a 52% decrease from December's $391 million.