Report shows record-breaking venture capital investment in the sector and 3,000 new jobs in Indiana's life sciences sector.

INDIANAPOLIS (April 14, 2023) — BioCrossroads today released its annual analysis of capital invested to grow and support Indiana life sciences companies in 2022.

“We are pleased to report that Indiana experienced capital investment of more than $6.8 billion in 2022 that will directly result in the creation of 3,000 new life sciences sector jobs in the state,” said Jane Dunigan-Smith, BioCrossroads’ senior vice president, chief strategy officer and managing director of Seed Funds. “This includes more than $600 million in venture capital to support innovation and start-ups along with $2.8 billion in other capital investments for establishing, expanding, or upgrading Indiana life sciences facilities.”    
 
Indiana’s life sciences sector contributed $77 billion to the state’s economy last year. Total market cap value grew by 20 percent over 2021, from $455.7 billion to $548.7 billion, driven largely by Eli Lilly and Company. Elevance Health, Corteva Agriscience, POINT Biopharma Global Inc., and Zimmer Biomet Holdings, Inc. also posted market cap gains.  
 
Two companies, Orthopediatrics Corp. and POINT BioPharma, closed on public offerings with proceeds of $144 million and $125 million, respectively. Several notable mergers and acquisitions were completed, with five of them valued at more than $100 million, and Apria Healthcare was acquired by Owens & Minor for $1.6 billion. 
 
“Indiana is fortunate to have a dynamic, healthy, and innovative life sciences community that includes our three research universities, industry anchors, and innovators in all corners of the state,” Dunigan-Smith said. “A uniquely collaborative community is also key to the impact this sector makes. Growing our significant impact will require a continuation of all our efforts and renewed focus in raising capital and further celebrating and supporting it.” 
 
The report’s findings are based on information provided by the Indiana Economic Development Corporation (IEDC), investments tracked by BioCrossroads, the Small Business Innovation Research (SBIR)/Small Business Technology Transfer (STTR) program funding, Pitchbook Data, Inc., and other public sources. Highlights from the 2022 Life Sciences Capital Report showed: 

• $5.3 million in SBIR/STTR funding awarded to nine companies
• $619.8 million in venture capital investments in 37
• $269 million accessed through public markets by two companies
• More than $3.1 billion in mergers and acquisitions related to Indiana life sciences companies
• $2.8 billion in capital to establish, expand, or upgrade facilities for 25 companies

See the full report here.   
 
In 2021, BioCrossroads reported that more than $15 billion in capital was accessed by Indiana’s life sciences companies. More than $10 billion of that amount was due to the acquisition of Hill-Rom Holdings by Baxter International Inc. Highlights from the 2021 Life Sciences Capital Report showed:   

• $6.5 million in SBIR awards to 17 companies
• $433.5 million in venture capital invested in 39 companies
• $508 million accessed through public markets by four companies
• $13.7 billion+ spent to acquire innovation representing 13 transactions
• $521 million in capital to establish, expand, or upgrade facilities by 23 companies

About BioCrossroads

BioCrossroads is Indiana’s initiative to grow, advance and invest in the life sciences, a public-private collaboration that supports the region’s existing research and corporate strengths while encouraging new business development. BioCrossroads invests capital and provides support to life sciences businesses, launches new life sciences enterprises (Indiana Biosciences Research Institute, 16 Tech, Indiana Health Information Exchange, and OrthoWorx ), expands collaboration and partnerships among Indiana’s life science institutions, promotes science education and markets Indiana’s life sciences industry.