The subdued number of acquisitions of biotech by big pharma has more than one cause. The structural improvement of the process of drug discovery and development at big pharma is the main one.

The German biotech had already hinted at possibly expanding through M&A, and Constellation was viewed as an attractive acquisition target.

Public Company Edition: June has seen 14 initial public offerings by drug developers (and one big biopharma funder) after there were only 15 from January through May – and the month isn’t over yet. Follow-on and other offerings also are hitting the market at a rapid pace.

Public Company Edition: ORIC’s initial public offering is the third by a drug developer in April and the 12^th in 2020. Also, Pluristem garnered €50m from the European Investment Bank.