But large gains for some big pharma players flatter the overall figures.
If the second half maintains the pace, 2023 could see the most device approvals for a decade.
But, with an ever-growing proportion of the cash going to a select few, the gulf between the haves and the have-nots is widening.
Life is returning to the IPO scene, but the recovery is slow and uncertain.
M&A moves are down, venture rounds few and IPOs nonexistent.
Developers brush off antitrust scrutiny and drug price curbs and succumb to the urge to merge.
Several big groups’ portfolios are ageing, and regulatory action risks blocking their renewal.
A look at biopharma’s most highly valued yet unpartnered assets features Karuna, Ventyx and regular bridesmaid Ascendis.