Stock Watch: Wrap Up For The Biotech Winter
A Recovery In Biotech Stocks Has Many False Dawns
A drastic risk-off pullback in the public market can close an IPO window while private biotechs aspiring for either a public debut or an acquisition by big pharma may be stymied by their stale valuations.
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Pfizer has reached a deal to buy Global Blood Therapeutics for $5.4bn, gaining the sickle cell therapy Oxbryta and building on efforts to reach underserved patient groups.
GSK has spotted an opportunity to challenge Pfizer’s blockbuster Prevnar franchise, but the potential of Affinivax’s platform has yet to be proven.
Pfizer’s $11.6bn acquisition of the company brings it full rights to the oral migraine drug Nurtec ODT and nasal spray zevegepant, with aims to build a $6bn migraine franchise.