Finance Watch: Recent M&A Uptick Gives Biopharma A Needed Boost
Restructuring Continues, However, As Firms Conserve Cash
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.
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Private Company Edition: The amount of venture capital raised by biopharma firms fell but individual companies grabbed a lot of cash, making for a remarkable Q2 relative to pre-pandemic times. Recent Q3 rounds includes Frontera’s $160m series B. Also, Oxford Science Enterprises added €250m to its fund.
A World Conference on Lung Cancer abstract shows responses to Lumakras with a SHP2 inhibitor but closely watched results for anti-PD-1/L1 combinations are under embargo until the meeting next month.
Merck is closing in on the acquisition of the antibody drug conjugate specialists which would help the pharma giant consolidate its presence in oncology.