Yahoo finance today states :
The scenario for the biotech industry in 2024 looks upbeat after a challenging ride in 2023.
New drug approvals, pipeline development, and an increase in mergers & acquisitions (M&A) activity boosted investor sentiment in the last couple of months, even though an uncertain macroeconomic environment was a headwind.
Pharma and biotech bigwigs are now looking to bolster their product portfolios and pipelines through collaborations and buyouts. Hence, M&A is back in the spotlight.
Pharma giant AbbVie ABBV recently announced two back-to-back acquisitions — Cerevel Therapeutics for $8.7 billion and ImmunoGen for $10.1 billion. Bristol Myers is set to acquire oncology-focused company Mirati Therapeutics for a total equity value of $5.8 billion. Earlier, Novartis acquired Chinook Therapeutics. Biogen acquired Reata Pharmaceuticals, Inc.
The recent spate of acquisitions has put the spotlight on biotech companies with a focus on oncology and rare diseases as acquisition targets.
Yahoo finance today states :The scenario for the biotech...
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