The biotech start-up factory changes shape

Biotech companies are still being formed around university science, venture funding and experienced management teams. But the route from scientific idea to new company is changing, and the shift is now visible across the USA, Europe, China and other major innovation hubs.

The classic sequence was familiar: an academic discovery, a series A round, a platform story, several internal programs and, if market conditions allowed, an IPO. That model still exists, especially for science with clear platform potential. It is no longer the only template.