Deal Watch: Deal Volume On The Rise Heading Into J.P. Morgan
Pfizer, Sanofi, Bristol Myers Squibb, Gilead’s Kite, Lilly’s Dermira, Janssen and Biogen among the major companies announcing transactions this week.
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Biotech stock indices have seen a recent recovery but remain well below their 2021 peaks raising questions about the likelihood of raising money for R&D. The number of companies announcing leadership changes, shifting pipeline priorities and job cuts is rising as a result.
BIIB112, the gene therapy candidate Biogen picked up in $877m acquisition of Nightstar, missed its primary endpoint in X-linked retinitis pigmentosa. Phase III data for BIIB111, also from Nightstar, are expected soon.
Public Company Edition: US initial public offerings are reawakening from a brief nap as Prometheus and Longboard prepare IPOs for launch. Also, Halozyme sells $700m worth of notes and Karuna’s $250m stock sale leads recent follow-on offerings.