Ipsen Hungry For More Deals After Swallowing Epizyme
$247m Upfront For Lymphoma Drug Tazverik
Ipsen CEO David Loew recently told Scrip that a return to more rational valuations for biotechs should led to more deals. The Epizyme acquisition could be the first of many by the French group this year.
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The French firm’s Onivyde has missed the mark in an advanced small-cell lung cancer Phase III trial, prompting the firm to tout the drug’s prospects in a large pancreatic cancer indication instead.
Public Company Edition: William Blair analysts note that stock prices are rising due to a Q2 boost in dealmaking after a lull in Q1. Nevertheless, layoffs and portfolio prioritizations are ongoing, including at X4 Pharmaceuticals, but others have raised cash following good news, like Revolution Medicines.
Even with higher interest rates, some debt on the balance sheets of profitable biotechs is healthy. However, among loss-making biotechs and in the current environment, raising new debt has unhealthy connotations.