Public biotech stocks are suffering after the excesses of 2020 and 2021. Some see a welcome correction, others an indiscriminate blood bath. Biotech’s coffers are stuffed with cash, cushioning the impact of the market downturn – for now. M&A is expected to provide another safety net, with an estimated $500bn of strategic firepower waiting to be deployed as prices return to Earth.
But not all biotechs will escape the pain. The sector may still be front-of-mind in the wake of the pandemic,...