A ‘blistering’ start to M&A in 2023 stokes hopes of a market rebound, as insiders predict a surge in deals
Big drugmakers have started 2023 with their checkbooks out, signing several multibillion-dollar takeovers in what some industry insiders see as the start of an M&A surge focused on snagging blockbuster drugs.
The upswing in deals follows a year of falling stock prices and startups that have struggled to access private capital. Those two trends are related: The drawdown has pulled down valuations to reasonable levels at a time when pharma giants have cash and need to reload their pipelines. As Jefferies analyst Michael Yee summed up in a recent note to investors: “Lower valuations and hungry pharma.”
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