A “unicorn” is defined as “a private startup company valued at or exceeding $1 billion.” Today there are 1,170 unicorns across all industries – an all-time high. Nearly 8% of those are in healthcare, with many in biotech specifically.
But the pace of unicorn creation, though still quite fast, is slowing as economists predict a coming recession.
Frank Milone, co-founding partner at Fiondella, Milone & LaSaracina LLP, a Connecticut advisory and accounting firm active in the biotech industry, says, “VC funding and acquisitions will continue, the criteria will just be different. There will be an increased focus on financial fundamentals.”