Big-ticket deals drive Cambridge life sciences fundraising past $530m in H1
The second quarter saw six deals worth a combined $332.2m, up from eight deals totalling $198.2m in Q1. Despite the lower number of transactions in Q2, the overall value rose by 67 per cent, reflecting a marked concentration of capital into fewer, higher-value raises.
Two major transactions defined Q2. CMR Surgical, which develops robotic-assisted surgical systems, raised $200m and CellCentric, a clinical-stage biotech focused on cancer therapeutics, secured $120m. Together, they accounted for more than 95 per cent of the quarterly total. These deals continue the trend of significant capital backing for Cambridge-based businesses with clear commercial focus and scaling potential.
The remainder of the Q2 activity included $5.5m raised by T-Therapeutics, $2.9m by ImmBio, $2.5m by Apini Therapeutics, and $1.4m by Serentis Bio.
The average deal size in Q2 reached $55.4m, more than doubling the Q1 average of $24.8m. This shift signals increasing investor selectivity and a willingness to deploy capital at scale into later-stage or strategically significant businesses.
Taken together, the data indicates a strong start to 2025 for Cambridge’s life sciences sector. While fundraising activity in Q1 was characterised by a broader spread of smaller and mid-sized raises, Q2 was clearly led by big-ticket investment rounds.
Key takeaways from H1 2025 include:
• Concentration of capital: Larger deal sizes, particularly in Q2, suggest that investors are prioritising fewer but more substantial opportunities.
• Ongoing support for early-stage innovation: Although Q2 was defined by headline raises, several smaller transactions demonstrate continued appetite for emerging science and novel platforms.
• Strong year-to-date momentum: With more than half a billion dollars raised in H1, Cambridge’s life sciences community is well on track for another record-setting year, contingent on continued momentum in the second half.
The data reflects ongoing confidence in Cambridge as a source of investable scientific innovation, and a market where both domestic and international investors remain actively engaged.
