The year kicked off with renewed optimism for the biopharma sector, but “macro” concerns resurfaced to end the quarter. Demand for catalyst-driven offerings remained strong in the public markets, but the private market continued to slow. There is a strong desire to see more SMID-cap M&A to recycle capital into the sector, while reverse mergers continue to provide companies with an alternative path to the public markets. The quarter did see the long-awaited “big M&A” of Seagen by Pfizer, the largest biopharma deal since 2019.
William Blair’s Biopharma team shares perspectives in the Quarterly Rx: Q1 2023 U.S. Biopharma Recap.
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