One important facet of the U.S. biopharmaceutical innovation ecosystem is its robust venture capital industry of private investors practiced in the art of making equity investments in new and emerging biopharmaceutical companies. In recent years, venture capital investment in biotech startups has been reaching new heights. This includes significant contributions that existing biopharmaceutical companies are making through their Corporate Venture Capital (CVC) affiliates to support biotech startups. CVC activity is a subset of venture capital investment and occurs when corporations invest in an affiliated unit to make equity investments in promising start-up companies, usually related to the company’s own industry. This report was commissioned by the Pharmaceutical Research and Manufacturers of America (PhRMA) and examines the key ways in which PhRMA-member CVCs are contributing to the growth of biotech startups, through both financial and non-financial support.