these are specifically in the radiopharma space, which is much smaller than the general pharma space.
there has been more than 2. Rayzebio for 4.1b before beginning P3 and point pharma for 1.4b before a P3 readout. A common theme of these radiopharmas were they were all therapy assets. The previous pass through reimbursement rule in US made it non profitable to acquire a diagnostic radio pharma. And these were all done in the last 2-3 years. In fact, Novartis acquired lutathera and pluvicto from AAA for ~6b combined, which may have been pre P3(don't quote me)
i agree that a lot of biotechs will have assets that probably don't deserve acquisition, and this is down to the fact that the asset just isn't that good. You could argue a lot of Aus biotechs don't have assets deserving of an acquisition. But to basically throw all Aus biotechs into one giant pool where they have to sit <$1b AU is still kneecapping ASX biotechs that have great products.
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