A new report from BIO explores investment and deal-making activities of emerging therapeutic companies. Key findings:

* Pipeline: Nearly 70% of the industry clinical pipeline is attributed to small emerging companies. A significant portion of the emerging company pipeline (43%) is partnered.

* Acquisitions: R&D-stage acquisition volume is returning to levels not seen since 2008.

* Licensing: A decade high in 2014 for upfront payments in R&D-stage licensing deals.

* Follow-On Offerings: A decade high in 2014 for US emerging company follow-on offerings.

* IPOs: A decade high in 2014 for US emerging company IPOs.

* Venture Capital: A decade high in 2014 for US venture capital in Novel R&D lead programs. However, SeriesA investments went to fewer companies and with fewer dollars vs 2013. Additionally, some disease areas affecting large populations continue to see declines.

Part II of the report looks at the major disease categories for drug R&D.