Pandemic gives Singapore biotechs a shot in the arm
But young upstarts cannot rely on city-state's small market, say industry players
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IT'S only halfway through 2021, but biotech startups in Singapore have attracted a record amount of capital from venture funds, giving the oft-sidelined sector a fillip amid some tailwinds from the pandemic.
So far, the city-state's biotechs have raised US$360 million, according to Preqin data. This trumps the previous US$65.5 million record raised in 2018 by more than five times (see graph). The year's figures are dominated by larger rounds from Singapore-based startups such as Engine Biosciences, Esco Lifesciences, and Hummingbird Biosciences.
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