Alphabet’s GV tops biotech corporate investors with $5.23 billion in deals since 2025

Alphabet’s venture arm GV has become the largest corporate spender in biotech, investing a cumulative $5.23 billion across 20 deals since the start of 2025.

The total outlay exceeds the combined venture activity of major pharma investors such as Eli Lilly, Sanofi and Pfizer, whose corporate funds have participated in billions of dollars of rounds but remain far behind GV’s spend.

GV’s portfolio includes high‑profile biotechs like Revolution Medicines, which received a $100 million Series C investment from GV in 2019 and later went public in early 2020.

Founded in 2009, GV now manages about $13 billion in assets and is widely regarded as a key influencer in biotech financing, dwarfing Eli Lilly’s 38 deals that total roughly $2.5 billion over the same period.