INDIANAPOLIS (April 19, 2022) – More than $15 billion of capital was accessed by Indiana’s life sciences companies in 2021. BioCrossroads today issued their annual report, Indiana Life Sciences Capital 2021, which provides details on the funding events throughout the year, including:

  • $6.5 million in Small Business Innovation Research (SBIR) awards to 17 companies
  • A record $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

Most noteworthy were the increases in venture capital and merger and acquisition amounts. Indiana had 39 life sciences companies raise $433.5 million in 2021, an increase of almost $200 million over 2020. Investments ranged from a low of $20,000 to a high of over $200 million. Thirteen merger and acquisition (M&A) transactions were completed in 2021 representing activity of more than $13.7 billion, an increase from $8.6 billion in 2020.  The largest transaction, and the only one in the medical device sector, was the $10.5 billion paid by Baxter for the acquisition of Hill Rom Holdings to create a $15 billion MedTech leader with global operations, including facilities in Indiana.

“Our long history of investment in a uniquely deep and diverse life sciences research and industrial base has provided an infrastructure that supports not only life sciences but also our manufacturing and technology sectors,” said Patty Martin, president and CEO of BioCrossroads. “It’s also important to note that the funding comes from a wide variety of sources, which further diversifies and strengthens the life sciences sector.”

The report can be downloaded from the BioCrossroads website.

*Primary sources include the SBIR award website; Pitchbook Data, Inc., a SaaS company that delivers data, research and technology covering the private capital markets, including venture capital, private equity and M&A transactions; company issued releases; data from BioCrossroads collected in concert with Indiana Business Research Center at Indiana University and the IEDC; and other public sources.

About BioCrossroads

BioCrossroads ( is Indiana’s initiative to grow the life sciences, a public-private collaboration that supports the region’s research and corporate strengths while encouraging new business development.   BioCrossroads provides money and support to life sciences businesses, launches new life sciences enterprises, expands collaboration and partnerships among Indiana’s life science institutions, expands science education and markets Indiana’s life sciences industry.  The initiative has formed several new nonprofit organizations, including Indiana Health Information Exchange, BioCrossroadsLINX, OrthoWorx, Datalys Center and the Indiana Biosciences Research Institute.