2023年8月6日

馬克西姆Labkouski IPO市場仍可能是寒冷的,但2023年以來最大的年度生物製藥並購大流行,盡管資本成本上升,增加了反壟斷監管機構的嚴格審查。該行業已經看到今年80美元的交易,包括43美元b計劃收購Seagen(納斯達克:SGEN)輝瑞公司(NYSE: Pfizer)。相比之下,2022年96美元的並購交易,而2021年b 91 b和2020年131美元,據評估製藥。一個司機一直向下轉變生物技術估值,與納斯達克生物指數自今年年初以來下滑3.38%,SPDR標普生物技術ETF下降2.14%,在看到2021年紀錄高位。另一個是IPO市場,盡管有解凍的跡象仍然基本上凍結了很多公司。雖然今年幾宗最大的ipo交易醫療空間,包括Kenvue (KVUE) $ 3.8 b,活動自2021年以來已經大幅下降,使得生物技術更加開放的交易。如何有吸引力的收購目標公司,然而,可以減少受通貨膨脹影響法》授權美國政府藥品價格談判的巨大的醫療保險計劃。根據評估製藥,一些專家推測該價格控製將有利於生物製劑,而小分子藥物。多用療法,即使是那些用於治療罕見疾病,也可能被視為缺乏吸引力比批準隻是一個指示。另一個因素是美國聯邦貿易委員會(Federal Trade Commission),他們認為反競爭的交易已經越來越重要。 The watchdog agency has voiced antitrust concerns about Amgen's (NASDAQ: AMGN ) proposed $28B takeover of Horizon (NASDAQ: HZNP ) and recently ordered Illumina ( ILMN ) to unwind its $7B merger with GRAIL. Despite the agency's tougher stance on major mergers in the sector, the FTC appears to have adopted a more benign view of takeovers involving smaller players, especially those with limited financial resources. In a recent note, Cantor Fitzgerald noted that FTC Chair Lina Khan was quoted recently saying that companies with development-stage or recently launched drugs that may need be acquired to reach the commercialization stage provide "a very different set of facts than instances in which we see acquisitions of existing blockbuster drugs." Cantor said that they believe Khan's remarks could imply that deals involving takeover targets with "first-in-class" drugs, such as Biogen's ( BIIB ) $7B deal with Reata ( RETA ), or those with pre-commercial assets may face less FTC scrutiny than those involving established products. "We are curious to see if this may factor into the shopping considerations of big pharma towards later-stage clinical or early commercial companies to reduce FTC risks," Cantor added. During the first half of the year, 12 deals priced over $1B, including eight during Q2. Top of the list for Q2 is Merck's ( MRK ) takeover of Prometheus Biosciences for $10.8B, following by Astellas's ( OTCPK:ALPMF ) proposed acquisition of Iveric Bio for $5.9B and Novartis's ( NVS ) planned merger with Chinook Therapeutics ( KDNY ) for $3.2B, according to Evaluate Pharma.