The second half of 2019 saw half as many innovative medical devices approved as the first.
Private drug developers raised less last year than in 2018, but cash remains plentiful and mega rounds abound.
A stock market rebound created a strong finish for biopharma flotations in 2019, with four $100m-plus floats, led by Phathom Pharmaceuticals.
Robotic surgery is one of the bright spots in an otherwise tricky year for medtechs seeking a buyer.
2019’s medtech VC total is swollen by the sector’s first $1bn round, but counterintuitively the amount going to smaller groups is increasing.
The number of biopharma buyouts overall last year did not rise, though more deals were struck in the “sweet spot”, and premiums saw a healthy rise.
Two megamergers meant that 2019 was always going to be a big year for biopharma M&A in dollar terms – and then came a late flurry of deals.
New products and strategic execution buoyed mid and small-cap medtechs, while safety worries took down one former high-flier.
Drug makers from across the globe feature in 2019’s list of best performing small biotech stocks, from Galapagos to Daiichi Sankyo to Arrowhead.