Venture surge

Venture capital investments in the life sciences surged to more than $20 billion worldwide in 2018, with VCs increasingly concentrating their disbursements in nine-digit megarounds, some of which preceded IPOs later in the year.

Through Dec. 20, life sciences companies drew $21.5 billion in 526 fundings during the year, compared with $16.2 billion in 536 fundings in 2017, according to BioCentury’s BCIQ database. Nearly $15 billion went to drug developers in 2018; BCIQ also tracks certain medical device, diagnostics and tools companies...