Stockwatch: Big Pharma Buys Bargain-Basement Big Biotech
AstraZeneca’s Acquisition Of Alexion May Not Be The Last
The acquisitions of Alexion and Celgene are the latest in a long line of transactions in which big pharma buys big biotech. But these latest two are of biotechs that have disappointed their investors, and there are still some of those left for 2021.
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Bristol's surprising purchase diversifies its portfolio beyond Opdivo, while stopping Celgene's ongoing stock price declines after several setbacks. While Bristol execs downplayed the mid-term risk of generics for Celgene's blockbuster Revlimid, they highlighted near- and long-term growth drivers.
An early high for Pfizer with its strong first-quarter results was followed by patent waiver worries. At the other end of the spectrum, Esperion reminded us of the challenges in making a commercial success as a small biopharma firm in the pandemic.
Novartis’s comparatively anemic revenue growth and Lilly’s sales shortfall suggest that hopes for an immediate sector recovery from the pandemic are premature.