Finance Watch: Biotech Valuations Seesaw On Bank Failure, Pharma M&A
SVB Shutdown Hurt, Pfizer/Seagen Deal Helped Sector
Public Company Edition: The closure of Silicon Valley Bank sank biotech stocks in the first full week of March, but valuations rose the next week when two big acquisitions were announced. Also, J&J’s consumer health spinout sold $7.75bn in notes ahead of its future IPO and Karuna grossed $400m in a follow-on offering.
