This week marks an annual highlight in the health sciences world, the J.P. Morgan Healthcare Conference (January 8th - 11th, 2024 - San Francisco, CA):
Health Care Conference (jpmorgan.com)
Two M&A deals this morning at JPM were a bit disappointing as they were relatively early-stage oncology companies and lower dollar numbers.
JPM M&A in 2020 / 2021 / 2022 / 2023 we got $1.3B / $1.5B / $1.9B / $4.5B of public Biotech takeouts. This morning we saw $2.7B and the XBI was red, but a tape bomb hit mid-day that NVS was looking to acquire CYTK for >$10 billion and it was off to the races.
We think a lot of folks unwound exposure in the morning or put shorts on that were reversed mid-day that added to the momentum.
January Deals:
GSK acquired Aiolos Bio for $1B
J&J acquired Ambrx Biopharma for $2B or $28/share
Merck & Co. acquired Harpoon Therapeutics for $680M or $23/share
Novartis acquired Calypso for $250M
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