PitchBook News - AI drives pharma biotools dealmaking

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The Daily Pitch: VC

March 21, 2025

Presented by Deloitte

🏀 Bill Chisholm's PE consortium struck a record-setting deal to buy the Boston Celtics at an initial $6.1 billion valuation, the largest in NBA history. The two-part deal could ultimately push the franchise's worth to $7.3 billion, with Sixth Street Partners investing $1 billion. Read more

💸 CVC Capital Partners doubled down on plans to drastically expand its offering for high-net-worth individuals, aiming to expand its private wealth team to 60 by the end of the year. The Amsterdam-listed firm raised around $1.6 billion from private wealth clients last year. Read more

🧬 CRISPR and AI are unlocking new frontiers in plant biotech, from climate-resilient crops to identifying bioactive compounds, our latest analyst note explains. The segment has been resilient despite broader challenges in agtech: Plant biotech startups secured $1.2 billion in VC funding, a 78% rise year-over-year. Read the preview

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• EQT seals $14.5 billion education pact
• Aircraft repair industry is primed for PE takeoff
• Charting India's VC market

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VC dealmaking in pharma biotools space shows mixed signals

The pharma biotools industry has been caught between contrasting trends. The sector recorded 59 deals in Q4, representing a more than 9% increase quarter-over-quarter, despite an over 30% decline in total deal value, according to our latest Emerging Tech Research.

VC dealmaking was dominated by breakthrough technologies including AI-driven drug discovery, synthetic biology and next-generation sequencing. Advanced tech led with over $287 million across 21 deals. Emerging tech booked more than $266 million for 22 deals, and mature tech notched $181 million across 16 pacts.

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A message from Deloitte

Beyond volatility: The maturing CB&DA investment landscape

Deloitte’s latest Road to Next report indicates retail and individual investor interest in cryptocurrency, blockchain, and digital assets (CB&DA) is on the rise, indicating a gradually warming acceptance of digital assets. Though price volatility and short histories keep some investors cautious, expansion-stage dealmaking remained robust in 2024, with nearly $1 billion across 91 transactions. Favorable regulatory trends on the horizon in 2025 may lead to enhanced integration of digital assets into the broader fintech universe. While private markets actively support this shift, dealmaking still faces challenges compared to pandemic-era figures. This momentum highlights the transformative impact of CB&DA on the future of financial technology, driven by increasing retail investor interest.

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A recovery for India's VC market?

(Da-kuk/Getty Images)

Deal value in India rebounded last year after suffering two years of steep declines.

Capital is shifting toward late-stage companies, raising concerns over the market's future.

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VC Deals

New York-based Carbon Arc, a startup using AI to help businesses create insights on their data, raised $56 million in a round led by Liberty City Ventures.

Cardiac Dimensions, a startup based in Washington state creating treatments for heart failure, raised a $53 million Series E led by Ally Bridge Group.

Evroc, a Stockholm-based hyperscale cloud company, raised over €50 million in a Series A led by Blisce.

New York-based Campus, a company running an online two-year college, has raised a $46 million Series B led by General Catalyst.

Oklahoma City-based Wheeler Bio, which is focused on antibody-based therapies, has raised a $35 million Series A1 led by Alloy Therapeutics and Echo Investment Capital.

Cape, a mobile carrier startup focused on security, has raised $15 million in a Series B add-on from investors including A*, Costanoa and Point72, as well as $15 million in a debt facility from Silicon Valley Bank.

Buynomics, German company developing an AI-powered pricing and revenue optimization platform, secured a $30 million Series B led by Forestay Capital.

Brainomix, a UK-based developer of AI-powered imaging tools for neurological and cerebrovascular diseases, secured a £14 million Series C from investors including Parkwalk Advisors, the Boehringer Ingelheim Venture Fund and Hostplus.

PE Deals

Brookfield Asset Management is the frontrunner to acquire Colonial Pipeline in a deal that could value the company at $10 billion, Bloomberg reported.

Norway's sovereign wealth fund is acquiring a 25% stake in a £2.7 billion London property portfolio in partnership with Shaftesbury Capital.

X, Elon Musk's social network, has raised about $1 billion in funding from investors including Darsana Capital Partners and 1789 Capital and Musk himself, Bloomberg reported.

Audax is set to acquire Lanter Delivery Systems from EGI in a deal valued at $1 billion, PE Hub reported.

Citadel has penned a $1 billion deal to acquire assets within the Haynesville Basin from Paloma Natural Gas, Bloomberg reported.

Long Ridge-backed NinjaTrader, a futures trading platform, is set to be acquired by VC-backed Kraken for $1.5 billion.

Exits

The Carlyle Group is in search of a buyer for Colombian oil producer SierraCol, seeking a valuation of about $1.5B, Reuters reported.

SoftBank is buying Ampere, the Santa Clara-based chip design company started by former Intel exec Renee James, in an all-cash deal valued $6.5 billion.

Fundraising

Andreessen Horowitz is raising $750 million for its next life-sciences-focused fund, according to The Wall Street Journal.

According to SEC filings, the fintech-focused firm Ribbit Capital is raising $500 million for its next flagship fund.

ICG closed its Europe Mid-Market Fund II on €3 billion.

London-based VC firm 2150, which invests in sustainability tech for urban growth, closed its second fund on €197 million.

London-based buyout firm Foresight held a £100 million second close for its evergreen fund dedicated to investing in companies in Southwest England.

Tampa-based Weatherford Capital raised $300 million for its sophomore growth equity fund.

Pantheon closed its sophomore secondaries opportunity fund on $1.1 billion.

Corporate M&A

Cigna has completed the $3.3 billion sale of its Medicare business to Health Care Service Corp..

Chart of the Day

Source: US All In: Female Founders in the VC Ecosystem

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PitchBook News - AI drives pharma biotools dealmaking

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