The S&P Select Biotechnology Index continues to trade well below the 50-day moving average although quite ahead of the 200-day moving average:
After peaking at 15.25% on 2/27/2024, the Index is now at -4.29% for the year. Momentum trading has put a lot of pressure on the sector.
Some M&A activity for the month of April:
Incyte acquired Escient Pharmaceuticals for $750M
Vertex acquired Alpine Immune Sciences for $4.9B
Genmab acquired Profound Bio for $1.8B
Week Ending April 19th, 2024:
Biotech: 8 Transactions (3 Follow-On, 4 PIPEs, and 1 RD) totaling just under $1.5 Billion
Med Tech: No Current Week Transactions
2024 YTD:
130 Biotech transactions totaling just over $22 Billion v. 2023 YTD: 45 Biotech transactions totaling just under $6 Billion
4 Med Tech transactions totaling just over $500 Million v. 2023 YTD: 6 Med Tech transactions totaling just over $400 Million
Private Transactions:
Biotech: 72 US Transactions / 29 European Transactions
Med Tech: 43 US Transactions / 15 European Transactions