Stock Watch: Subdued Virtual J.P. Morgan Conference Prefaces Full-Year Earnings Season
Fewer Acquisitions And Preannounced Revenues Did Not Inspire
Deals announced by Sanofi and Novartis at this year’s virtual J.P. Morgan Healthcare Conference and a smattering of full-year revenue preannouncements did not mark a bumper start to the year.
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BeiGene has teamed up with Novartis to take its PD-1 antibody global after an earlier major deal with Celgene was terminated following the BMS acquisition, and amid intense market and pricing competition in the immuno-oncology sector in China.
Another UK biotech has been swallowed up by a big pharma with Sanofi acquiring the Cambridge-based firm in a deal that could be worth almost $1.5bn.
Following the merger, valued at roughly $15.6 billion, 27 percent of AstraZeneca’s portfolio will be in biologics.