The S&P Biotechnology Select Index finished the week of March 15th up 6.02% for the year. Since then, we have seen a slight down move as the sector responds to rate moves from the Fed and momentum trading across the board.
Hotter than expected inflation data has tempered expectations for near term rate cuts. Additional clues into the direction for monetary policy may come at Fed’s upcoming policy meeting (March 19-20). In the broader market, the weight of high momentum stocks in US equity markets reached all time high. The momentum factor has led so far in 2024, lifting the S&P to a 17th record high for the year. M&A has been quiet in recent weeks on the biotech front, but favorable regulatory activity continues to showcase innovative new medicines that are advancing forward.
Week Ending March 15th, 2024:
Biotech: 7 Transactions (1 Follow-On, 5 PIPEs, and 1 RD) totaling just over $700M
Med Tech: No Current Week Transactions
2024 YTD:
90 Biotech transactions totaling just under $17B v. 2023 YTD: 34 Biotech transactions totaling just under $4B
3 Med Tech transactions totaling just over $200M v. 2023 YTD: 6 Med Tech transactions totaling just over $400M
Private Transactions:
Biotech: 50 US Transactions / 20 European Transactions
Med Tech: 27 US Transactions / 11 European Transactions
Recent Transactions:
AbbVie acquired Landos Biopharma for $138M or $20.42/share
AstraZeneca acquired Fusion Pharmaceuticals for $2B or $21/share
AstraZeneca acquired Amolyt Pharma for $800M
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