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  • Jonathan Poyer

Novartis Acquires Morphosys in 2.8B Euro Deal.

Updated: Apr 11

The S&P Select Biotech Index continues to consolidate above the 50-day moving average as near-term rate cut estimates dissipate. Biotech fundraising activity remains brisk with over $4B raised in January, in addition to ~$800M in IPOs. This >$12B run rate for Q1 24 is ahead of the peak quarter of the last bull cycle ending in 1Q 2021. Meanwhile, market breadth remains narrow as both the S&P 500 and NASDAQ make fresh all-time record highs.

Week Ending February 2nd, 2024

  • Biotech: 9 Transactions (2 IPOs, 4 Follow-Ons, 1 Reverse Merger and 2 PIPEs) totaling just over $2 Billion

  • Med Tech: No Current Week Transactions

2024 YTD:

  • 35 Biotech transactions totaling just under $7 Billion v. 2023: 15 Biotech transactions totaling just under $2 Billion

  • 1 Med Tech transaction totaling $50 Million v. 2023: 2 Med Tech transactions totaling just over $200 Million

Private Transactions:

  • Biotech: 19 US Transactions / 12 European Transactions

  • Med Tech: 16 US Transactions / 6 European Transaction

M&A Deals:

Novartis acquired Morphosys for $2.7B (Euros) or $68/share (Euros)

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