- Jonathan Poyer
June Biotech M&A Activity
June ended with a bounce as the Biotech Select Index jumped over 20% the past seven trading days.
Seasoned executives and investors appear to be seizing opportunities as markets price assets below fair value.
The rally was remarkably similar in magnitude to the two prior largest seven trading day rallies on record, specifically the +26% gain off the pandemic lows in March 2020 and the +24% gain off the Federal Reserve tapering lows in December 2018.
M&A - wise, June brought a few deals to the table:
Bristol Myers Squibb (BMY) acquired Turning Point Therapeutics for $4B
Regeneron (REGN) acquired Sanofi's (SNY) stake in immune-oncology therapy for $900M +
Roche (RHHBY) announced a collaboration with Repare Therapeutics (RPTX) for $125M +
Ipsen (IPN FN) acquired Epizyme (EPZM) for $247M +
invoX Pharma (177.HK) acquired F-Star Therapeutics (FSTX) for $161M
Gurney Point and Patient Square (private equity firms) issued a tender offer for Radius Health (RDUS) for $890M
Galapagos (GLPG) acquired CellPoint and AboundBio for $138M
The majority of big pharma companies will lose 33-50+% of their 2023 revenue by 2030, making every viable revenue stream in SMID biotech a potential acquisition target at a certain price relative to the growth rate and duration