Philadelphia is supposed to be a biotech hub. Two years ago, the city’s life sciences startups brought in more than $450 million; last year, they raised even more. A 2019 Philadelphia Magazine article proclaimed that “even when compared to Silicon Valley, Philadelphia has the most to offer,” and pointed out that more than 80% of leading life sciences companies have offices in the city.
But Philly’s growth appears to be slowing. Last November, the president of the Philadelphia Alliance for Capital and Technologies lamented that the city’s biotech companies were “punching below [their] weight” in terms of investment — and so far in 2020, the city’s biotechs have brought in just $317 million while the rest of the sector, even amid the pandemic, has raised record-breaking sums from venture capital firms.