https://endpts.com/sp/biotech-halftime-report-after-a-bumpy-year-is-biotech-ready-to-rebound/
Biopharma firms are flush with cash and with looming patent cliffs and depressed valuations among some smaller firms, we could see more deal activity through year-end. The possibility is further bolstered by management commentary, which continues to suggest openness to M&A deals. What’s changed is that large biopharma seems to be preferring smaller, earlier stage deals, private companies, or discounted late-stage assets, rather than the large $15 billion acquisitions we’ve seen in the past.
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