Chair Powell's comment that additional rate hikes were unlikely led to a violent rally in the S&P Select Biotech Index as the 10-year yield retreated back down below 450 bps. The S&P Select Biotech Index rallied back to the 50-day moving average and started the week largely holding those gains despite a slew of negative SMID cap clinical data updates highlighting the strong influence of macro considerations
Week Ending May 3rd, 2024:
Biotech: 5 Transactions (1 Follow-on, 1 PIPE, and 3 RDs) totaling just under $400M
Med Tech: No current week transactions
2024 YTD:
138 Biotech transactions totaling just over $23 Billion v. 2023 YTD: 53 Biotech transactions totaling just under $8 Billion
4 Med Tech transactions totaling just over $500 Million v. 2023 YTD: 6 Med Tech transactions totaling just over $400 Million
Private Transactions:
Biotech: 87 US Transactions / 36 European Transactions
Med Tech: 46 US Transactions / 21 European Transactions
Notable Transactions:
Novartis acquired Mariana Oncology for $1B
Ono Pharmaceutical acquired Deciphera Pharmaceutical for $2.4B or $25.60/share
Incyte acquired Escient Pharmaceuticals for $750M
Vertex acquired Alpine Immune Sciences for $4.9B or $65/share
Genmab acquired Profound Bio for $1.8B
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