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1/2. Biopharma dealmaking by Patricia Giglio and Amanda Micklus 2022-https://lnkd.in/d9izfipH and 2023-https://lnkd.in/d9rf_PZs. 3. 2023-Biotech back in the mainstream by John Hodgson https://lnkd.in/ddGRVWBb. Key points: "1. The public equity markets for biotech struggled during the year, with fewer than 50 initial public offerings (IPOs), a drop in follow-on offerings, and debt financing virtually non-existent. 2. Closed public markets discourage venture investment, which was down one-third on its level in 2022 and down over 50% on the recent peak of 2021. That contraction in venture capital and public equity markets made biotech financing more dependent than ever on industrial funding through partnerships or via merger and acquisitions. 3. Even though the upper threshold for venture rounds was down, four of the largest ventures round were A rounds, suggesting renewed interest in novelty. 4. Apart from Acelyrin, which flopped after clinical failure of its anti-interleukin-17 mimetic, the stock prices of the companies with largest IPOs all performed well after flotation. 5. Most notable perhaps was RayzeBio, which raised $337 million in its IPO in September for its targeted radiopharmaceutical portfolio and was acquired in December by Bristol Myers Squibb in mid-December. Its almost as if investors lined up the deal at the IPO after-party."
