The latest deal over a CD47 asset has got investors wondering who could be next.
Since 2016 drug developers have spent $23.6bn in-licensing cancer projects, almost half of the sector’s up-front bill.
The entry of non-traditional funders – and the availability of non-traditional exits – has altered medtech, though probably only temporarily.
While blank-cheque mergers can net healthtechs a huge amount of capital, not all investors stay the course.
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.