Biotech Rally Gets $100 Billion M&A Lift With More Deals to Come
- Few signs of cooling in sector M&A after 46 deals during 2023
- Big Pharma has plenty of firepower with $110 billion cash pile
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A rash of dealmaking helped reverse the declining fortunes of biotech stocks over the last five months. And as AstraZeneca Plc’s $1 billion deal to acquire closely-held Amolyt Pharma illustrates, the likelihood is there’s much more to come.
A total of 46 listed biotech transactions worth more than $100 billion were announced across the industry last year, the highest since spending peaked in 2019, according to data compiled by Bloomberg. Chief among them was Pfizer Inc.’s $42 billion acquisition of cancer drug maker Seagen Inc.