For biotechs in the in­dus­try’s hand­ful of hot ar­eas, it’s a sell­er’s mar­ket

A ra­dio­phar­ma com­pa­ny pur­chased for more than three times the price of its IPO from a few months ear­li­er. Neu­ro­science com­pa­nies dri­ving up their of­fers by bil­lions of dol­lars. Im­munol­o­gy as­sets go­ing for hefty pre­mi­ums.

Sell­ers have all the lever­age right now, at least for the hand­ful of com­pa­nies in ra­dio­phar­ma­ceu­ti­cals, neu­ro­science and in­flam­ma­tion, with as­sets that will try to fill a des­per­ate need in a rev­enue-hun­gry Big Phar­ma in­dus­try.

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