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The Quarterly Rx: 2023 U.S. Biopharma Recap

From the regional banking crisis in March to FTC and IRA legal challenges and global macroeconomic uncertainty, 2023 was another challenging year for biopharma. But the sector enters 2024 reinvigorated following a burst of high-profile M&A late in the year and with expectations for at least five interest rate cuts throughout the year as well as a renewed focus on financial discipline.

As we head into 2024, we remain optimistic on the outlook for the biopharma sector and predict the following key trends:

  1. Biopharma will outperform the broader market
  2. A modest but healthy increase in IPO activity coupled with continued reverse-merger activity
  3. Higher bars set by investors will force more companies to liquidate and/or conduct down rounds
  4. Additional FTC scrutiny and litigation will slow deals and result in more early-stage divestitures
  5. Robust M&A activity will continue as increased deal competition signals appetite amongst big pharma
  6. Secondary activity will continue through creative solutions and structure

William Blair’s Biopharma team shares perspectives in the Quarterly Rx: 2023 U.S. Biopharma Recap.

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