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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