Oncology has remained one of the most important investment areas in healthcare, attracting venture capital firms, corporate investors and pharmaceutical companies looking for new cancer drugs, platforms and technologies. In 2024, oncology accounted for 28% of U.S. biotech and pharma VC investment, making it the leading therapeutic area.
The investment environment has also become more selective. In 2025, overall life-sciences venture deal volume fell by more than 30%, but oncology remained the largest pharma investment area, accounting for approximately 30% of $120 billion in pharma deals. Investors increasingly favored assets with clinical validation and clear commercialization potential.
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Which Investors Were Most Active?
There is no single public database that reports oncology-only deal counts for every investor across 2022–2025. Therefore, the most comparable available measure is broader biopharma investment activity, combined with documented oncology activity.
Among the most consistently active investors were RA Capital Management, OrbiMed, ARCH Venture Partners, Alexandria Venture Investments, Novo Holdings and Eli Lilly.
Four-Year Investment Activity
| Investor | 2022 | 2023 | 2024 | 2025* | 4-Year Total |
|---|---|---|---|---|---|
| RA Capital | 19 | 22 | 28 | 13 | 82 |
| OrbiMed | 18 | 21 | 21 | 17 | 77 |
| Alexandria Venture Investments | 15 | 22 | 22 | 13 | 72 |
| ARCH Venture Partners | 21 | 17 | 23 | 11 | 72 |
| Novo Holdings | 5 | 8 | 17 | 18 | 48 |
| Eli Lilly | 1 | 5 | 8 | 13 | 27 |
| Sanofi Ventures | 5 | 13 | 2 | 13 | 33 |
*2025 figures are as of October 28, 2025 and represent rounds involving the investors, not oncology-only investments.
RA Capital led this group with 82 recorded rounds across the four-year period, followed by OrbiMed with 77. RA Capital was also identified as the most active healthcare investor in H1 2024, with 33 investments, while oncology and anti-tumor medicines remained important areas of focus.
1. RA Capital Management
RA Capital has been one of the most consistently active investors across healthcare and biotechnology.
Its activity reached 58 deals during 2024, already exceeding its 46 private investments in 2023 and 44 in 2022 according to Crunchbase data reported by Institutional Investor.
RA Capital’s longer-term record is even larger: the firm reports more than $6.4 billion invested across 326 private companies since 2012, with 156 companies subsequently becoming public or being acquired. Its portfolio includes oncology company Aktis Oncology.
A notable oncology investment was Aktis Oncology’s $175 million Series B in 2024, led by RA Capital, to advance targeted alpha radiopharmaceuticals for solid tumors.
Why it matters: RA Capital combines high deal volume with specialist healthcare expertise and exposure across emerging oncology technologies.
2. OrbiMed
OrbiMed recorded 18, 21, 21 and 17 rounds across 2022–2025, totaling 77 rounds in the available four-year dataset.
The firm has also participated in major oncology financings. In 2024, OrbiMed co-led Alentis Therapeutics’ $181 million Series D, supporting a CLDN1-targeted ADC program for solid tumors.
OrbiMed also co-led Ottimo Pharma’s $140 million Series A, supporting a PD-1/VEGFR2 bispecific antibody being developed for multiple solid tumors.
Why it matters: Its activity spans oncology platforms including ADCs, bispecific antibodies and targeted therapies.
3. ARCH Venture Partners
ARCH completed 21 rounds in 2022, 17 in 2023, 23 in 2024 and 11 through October 2025, giving it 72 rounds in the four-year dataset.
ARCH is particularly known for backing science-driven biotechnology companies at relatively early stages.
Its investment portfolio includes companies developing:
- Precision oncology
- Cell therapies
- Immunotherapies
- Novel biological platforms
- Drug-discovery technologies
ARCH’s strength is therefore less about simply funding established cancer products and more about building companies around new biological mechanisms and technology platforms.
4. Alexandria Venture Investments
Alexandria Venture Investments recorded 15 rounds in 2022, 22 in 2023, 22 in 2024 and 13 through October 2025, totaling 72 rounds.
Its role is particularly relevant because Alexandria combines investment activity with a broader life-sciences ecosystem involving research campuses, laboratories, biotech companies and healthcare innovation.
This gives the investor exposure to companies working across oncology, diagnostics, therapeutics and life-science technologies.
5. Novo Holdings
Novo Holdings increased its investment activity substantially:
- 5 rounds in 2022
- 8 in 2023
- 17 in 2024
- 18 through October 2025
That represents 48 rounds across the four-year period.
Its oncology exposure includes participation in Alentis Therapeutics’ $181 million Series D, alongside OrbiMed and Jeito, to advance CLDN1-targeted therapies for solid tumors.
Novo Holdings is also an example of how investment strategies are expanding beyond conventional drug discovery into biomanufacturing and life-science infrastructure.
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6. Pharmaceutical Corporate Investors Are Becoming More Active
Corporate venture investors are becoming increasingly important alongside traditional healthcare VC firms.
Eli Lilly increased its recorded rounds from just 1 in 2022 to 13 in 2025, while Sanofi Ventures reached 13 rounds in 2025.
This reflects a broader strategy in which pharmaceutical companies use venture investments, licensing and acquisitions to access external innovation.
Oncology is particularly attractive because companies can acquire or license:
- Antibody-drug conjugates
- Bispecific antibodies
- Radiopharmaceuticals
- Cell therapies
- Cancer vaccines
- Targeted therapies
- Precision medicine platforms
Where Is the Oncology Money Going?
Investment is increasingly concentrated in technologies that could improve cancer treatment precision or overcome resistance.
Major areas attracting investment include:
- Antibody-drug conjugates (ADCs)
- Bispecific and multispecific antibodies
- Radiopharmaceuticals
- CAR-T and other cell therapies
- Cancer vaccines
- Targeted protein degradation
- Precision oncology
- Liquid biopsy and cancer diagnostics
- AI-enabled drug discovery
In 2024, major oncology licensing deals included Merck–LaNova Medicines at $588 million upfront plus $2.7 billion in milestones, while Novartis signed deals involving peptide-drug conjugates and PROTAC technology.
What Are the Biggest Oncology Deal Signals?
Several large transactions show where strategic capital is moving.
- AstraZeneca–Fusion Pharmaceuticals: approximately $2.4 billion, strengthening radiopharmaceutical capabilities.
- Novartis–Mariana Oncology: $1 billion upfront plus up to $750 million in milestones, focused on peptide radioligand therapies.
- Merck–LaNova Medicines: $588 million upfront plus $2.7 billion in milestones for a PD-1/VEGF bispecific antibody.
- BioNTech–Autolus: $250 million upfront plus $312 million in milestones involving a CLDN6-targeted CAR-T program.
These deals show that oncology investment is increasingly moving toward platform technologies and differentiated mechanisms, rather than simply adding another conventional small-molecule cancer drug.
Regional Oncology Investment Opportunities
The U.S. remains the dominant center for oncology venture investment, supported by its concentration of biotech companies, pharmaceutical R&D, academic cancer centers and specialist investors.
Europe is also important, particularly for oncology biotech clusters in the UK, Germany, Switzerland, France and the Netherlands.
Asia is becoming increasingly relevant as pharmaceutical companies seek access to China-originated oncology assets, manufacturing capabilities and innovative drug-development platforms.
| Region | Key Investment Signal | Opportunity |
| U.S. | Oncology represented 28% of 2024 biotech/pharma VC investment | Largest ecosystem for oncology financing |
| Europe | Oncology, immunology and metabolic therapeutics led VC/growth deals in 2024 | Strong biotech and licensing ecosystem |
| China / APAC | Increasing cross-border licensing and asset acquisition | Growing source of oncology innovation |
| Global | Oncology represented ~30% of $120B pharma deals in 2025 | Leading strategic investment theme |
What Companies Should Focus On
Pharmaceutical and biotechnology companies should focus on:
- Tracking the most active oncology investors
- Monitoring investor participation by cancer type
- Identifying emerging oncology platforms
- Tracking financing rounds from Seed through Series C
- Monitoring licensing and M&A activity
- Comparing investor portfolios
- Tracking clinical-stage oncology assets
- Identifying technologies attracting multiple investors
- Monitoring radiopharmaceutical, ADC and bispecific activity
- Mapping investor-to-company relationships
The investment landscape shows a clear shift toward clinically differentiated oncology assets, platform technologies and therapies with potential across multiple cancer indications.
How Towards Healthcare Can Help
Towards Healthcare Research & Consulting can help pharma, biotech and investment teams track:
- Oncology investor activity
- Deal counts and financing values
- Investor portfolios
- Company funding rounds
- Oncology M&A and licensing
- Cancer-type investment trends
- Clinical-stage pipeline activity
- Regional investment hotspots
- Competitor strategies
- Emerging technologies
- Investor–company relationships
This enables companies and investors to move beyond individual funding announcements and understand who is investing, where the capital is moving, which technologies are attracting repeat investment and where the next oncology opportunities are emerging.
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