In the game of comparing cities by innovation, biotech has been a blue chip on Boston’s side of the table. According to perception, biotech is the only category in which the birthplace of venture investing remains the world leader.
But a brisk scan of the last half-decade’s investing numbers shows that lead is tenuous, if in truth it exists at all. Comparing New England to the San Francisco Bay Area, it’s a wash. In the past five years VCs have reported investing $5.4 billion in Bay Area biopharmaceuticals — just a little more than the $5 billion they’ve invested here. As of the third quarter, 2010 is a dead heat in biotech.