Raising Money in Biotechnology: From Discovery to IPO

Biotechnology (biotech) is one of the most capital-intensive and high-risk industries in the world, requiring founders and leaders to navigate complex funding pathways across scientific, regulatory, and commercial milestones. This course provides a comprehensive, real-world understanding of how biotech companies raise capital, from early discovery and seed funding to venture capital, strategic partnerships, and public markets. Students explore the full financing lifecycle of biotech ventures, including non-dilutive funding, angel and venture capital, corporate partnerships, venture philanthropy, private equity, and initial public offerings (IPOs). The course emphasizes how scientific breakthroughs, clinical milestones, regulatory strategy, and market positioning influence valuation, investor interest, and fundraising outcomes. Through case studies of emerging and established biotech companies, students analyze investor decision-making, deal structures, term sheets, and the strategic alignment between founders and capital providers. The course also examines the evolving landscape of biotech finance, including the role of contract research organizations (CROs), contract development and manufacturing organizations (CDMOs), artificial intelligence (AI)-driven drug discovery, platform companies, and global capital markets. Students gain insights into how venture firms, institutional investors, and corporate venture arms evaluate opportunities, manage risk, and support portfolio growth. By the end of the course, students understand the biotech funding ecosystem and major sources of capital; evaluate financing strategies across the lifecycle of a biotech company; analyze term sheets, valuation methods, and deal structures; develop investor-ready narratives and pitch strategies; identify key milestones that drive funding and valuation; assess risks, governance, and ethical considerations in biotech investing; and understand exit pathways, including mergers and acquisitions (M&A), partnerships, and IPOs. This course is designed for scientists, entrepreneurs, investors, and professionals seeking a deep, practical understanding of biotech financing and innovation. It combines academic rigor with industry insights, guest speakers, and applied projects that prepare students to raise capital, invest in, or lead high-growth biotech companies.