Is biotech venture capital investing more to return less?

12/02/2026

At Sunstone we continue to track risk-adjusted return multiples (adjusted for contingent payments) versus the total capital invested in private therapeutic companies prior to M&A exits. When looking at the median trends over the past 15 years, the inflection...

An update on M&A returns for biotech venture capital

28/01/2026

Back in in 2019 Sunstone started sharing studies of European venture capital funded successes – i.e. M&A transactions. In 2021 we started adding US M&A’s to the data and later the same year we evaluated to which extent an IPO impacted the observations made....

Biotech ecosystem contributors!

21/01/2026

Biotech ecosystem contributors! In our previous post, we discussed the importance of local investors and how, in a Danish context, they contribute to identifying and scaling local and regional therapeutic innovation. However, not all investors are born equal –...

Do local investors make a difference?

14/01/2026

Do local investors make a difference? E-mail outreach, online meetings and digital data rooms have become a given when trying to finance a therapeutic innovation! So, do local or regional anchor investors matter when developing a bioinnovation ecosystem? If the local...

Seed & Series A in Denmark

01/12/2025

Financing a Danish Biotech company has apparently never been more challenging. Based on feedback from partnering meetings in 2025 it seems that raising Series A financing has become an unprecedented challenge. However, when looking at the available data on the...