Indiana life sciences sector received $6.8B in investment

The state’s life sciences sector accessed more than $6.8 billion in capital investment in 2022, according to a new report from BioCrossroads. The state’s life sciences initiative said Monday the investment will directly result in the creation of 3,000 new jobs.

BioCrossroads said the findings in the 2022 Life Sciences Capital Report are based on information provided by the Indiana Economic Development Corp., investments tracked by BioCrossroads, funding from the Small Business Innovation Research/Small Business Technology Transfer program, and other public sources.

Last year’s total capital investment figure includes $2.8 billion to expand or upgrade facilities for 25 companies, more than $3.1 billion in mergers and acquisitions, and nearly $620 million in venture capital investments in 37 companies.

Additionally, two companies accessed $269 million through public markets, and nine companies were awarded a total of $5.3 million in SBIR/STTR funding.

In all, BioCrossroads said the state’s life sciences sector contributed $77 billion to the state’s economy in 2022.

“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,” Jane Dunigan-Smith, chief strategy officer and managing director of Seed Funds for BioCrossroads, said in written remarks. “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.”  

Last year’s $6.8 billion figure is lower than the $15 billion accessed by life sciences companies in 2021. However, BioCrossroads notes that more than $10 billion of that amount was due to the acquisition of Hill-Rom Holdings by Baxter International Inc.

You can connect to the full 2022 Life Sciences Capital Report by clicking here.