Leading up to and following the annual J.P. Morgan Healthcare Conference, we saw some action in the M&A market. The biotech select index popped up until January 8th and has been on a bit of grind down since. We expect to a see a good amount of action through the first half of the year. This will especially be so in the secondar market. Interestingly, there were more reverse merger transactions (13) last year than IPOs (12) and the aftermarket performance in the aggregate has been significantly higher.
Week Ending January 12th, 2024
Biotech: 3 Transactions (1 Follow-Ons and 2 PIPEs) totaling just under $300 Million
Med Tech: 1 Transaction (1 PIPE) totaling $50 Million
2024 YTD:
12 Biotech transactions totaling just under $3 Billion v. 2023: 1 Biotech transaction totaling just over $200 Million
1 Med Tech transaction totaling $50 Million v. 2023: 0 Med Tech transactions
Private Transactions:
Biotech: 11 US Transactions / 6 European Transactions
Med Tech: 6 US Transactions / 1 European Transaction
Latest Transactions:
Sun Pharma acquired Taro Pharmaceutical: $348M or $43/share
GSK acquired Aiolos Bio: $1B
J&J acquired Ambrx Biopharma: $2B or $28/share Merck & Co. acquired Harpoon Therapeutics: $680M or $23/share
Novartis acquired Calypso: $250M
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