Biotech deal­mak­ing shows some signs of a turn­around. And the in­dus­try is keep­ing its fin­gers crossed

The big pan­dem­ic boom that fu­eled some crazy num­bers in biotech is long gone, as any­one in the in­dus­try who doesn’t re­side in a sen­so­ry de­pri­va­tion cham­ber knows. But biotech end­ed 2023 with a few bright spots that just might sig­nal a healthy surge through 2024 — pro­vid­ed macro is­sues play along.

Chris Doko­ma­ji­lar at Deal­For­ma, a vet­er­an biotech num­bers track­er, gave us a se­ries of charts that il­lus­trate how things have been go­ing at the biotech ta­ble. And there are no easy calls. We may have hit bot­tom last year, with some lift in H2. But you can still feel the pain from deeply dis­count­ed val­u­a­tions — sor­ry 2sev­en­ty — and fresh rounds of cuts. You can al­so see a lot of po­ten­tial tak­ing shape for redi­rect­ing the next phase of the in­dus­try in­to the plus col­umn.

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