Bristol/Celgene Made Perfect Sense, But Doesn’t Promise Big M&A Year, EY Says
The conditions that produced a sluggish biopharma M&A environment in 2018 persist, with bolt-on deals like Lilly/Loxo more likely than another mega-merger.
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BioMarin’s focus on rare diseases and gene therapies and expected financial growth make it a logical acquisition target for almost any large pharma, though Biogen, Amgen and Regeneron also offer a beneficial fit for many.
IPO market is expected to pick up in 2019 after a slow start, due in part to the government shutdown, and VC investment appears steady, but M&A outlook remains mixed.
Biopharma investor sentiment plunged at the end 2018, but soared as the J.P. Morgan Healthcare Conference kicked off with another big company acquisition and as industry participants indicated their optimism about financing and deal-making opportunities in 2019.