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From Federal to State: Building the New Life Sciences Capital Stack | Life Sciences Snapshot – Q3 2025

This year, U.S. VC funding into the life sciences sector has cooled: Q1 softness was followed by a decade low in VC transactions in Q2. Despite the moderation in dealmaking volume, investors continued to deploy sizable...more

PISCES: Sandbox

RECAP Private Intermittent Securities and Capital Exchange System (PISCES) Regulations (SI 2025/583) are now in force. PISCES is not a stock market; it is a regulatory sandbox for those market participants who want to set up...more

PISCES: Hook, Line and Secondary Market

The Financial Conduct Authority (FCA) is aiming to bridge private and public markets with the Private Intermittent Securities and Capital Exchange System (PISCES). Only shares in unlisted UK-incorporated companies will be...more

Telehealth Transformation: Innovating Mental Health Care Life Sciences Snapshot – Q1 2025

Q4 2024 marked the conclusion of a turnaround year for life sciences venture investment. After two consecutive years of declining activity and macroeconomic uncertainty, the dust has settled, and investment is back on the...more

Founder Series: Exit Ready (Part 2 – IPOs)

Orrick's Founder Series offers monthly top tips for UK startups on key considerations at each stage of their lifecycle, from incorporating a company through to possible exit strategies. The Series is written by members of our...more

Life Sciences Snapshot – A Quarterly Report on Financing Trends – Q3 2023

This report series examines quarterly trends in life sciences venture investment. Key findings for Q2 2023 include: • Life sciences VC deal value in Q2 2023 totaled $6.7 billion across 384 deals, representing a slight...more

Life Sciences Snapshot – A Quarterly Report on Financing Trends – Q2 2022

This edition of Orrick’s life sciences publication series breaks down the key drivers of venture investment in the life sciences industry during Q1 2022, which saw some disruptions following a record year in 2021. Key...more

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