M&A picked up in the third quarter but overall 2021 has been quiet on the takeover front.
Moderna is the standout gainer, but the stragglers are becoming more apparent as the pandemic tide retreats.
2021 is on track to beat last year’s monster haul, but the IPO window could finally be closing.
A strong performance from a handful of large drug developers could not rescue the sector from a weak three months on the stock market.
A few developers are still finding reasons to research novel pandemic treatments, though much of the ongoing work is focused on proven approaches.
Drugs prompting the most divergent opinions on outlook include Pfizer and Vir’s Covid-19 offerings and Biogen’s Aduhelm.
The average takeout premium for a research-stage biotech is tracking at 100% this year, the latest data show.
Since 2016 drug developers have spent $23.6bn in-licensing cancer projects, almost half of the sector’s up-front bill.
Spac redemptions are a growing concern, but the $1.8bn EQRX deal looks primed to succeed. Proving the business model will be the hard part.