As the biotech markets warm up, signs point to crossover rounds returning

Crossover rounds ap­pear to be trick­ling back in­to biotech.

Dur­ing the boom times of 2020 and 2021, there was a flood of mon­ey from pub­lic-mar­ket in­vestors to star­tups that were mak­ing their last pri­vate fundraise be­fore an IPO. And when the mar­ket cratered, those in­vestors fled.

Now there are signs that those crossover rounds — named be­cause they set up a pri­vate com­pa­ny to cross over in­to the pub­lic mar­ket — are start­ing to re­turn.

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