The mood of biopharmaceutical company executives and investors attending this year’s J.P. Morgan Healthcare Conference in San Francisco was decidedly sunnier than in 2023 – and with good reason. Public company valuations spiked at the end of last year based on the prospect of stabilizing or declining interest rates in 2024 and a recent uptick in $1bn-plus merger and acquisition activity.
J.P. Morgan 2024: Financial Forecast Is Sunny For Firms Poised For Pharma Deals
Clouds Seemed To Lift At Annual Industry Meeting
Drug developers weathered a tough 2023, but the year ended with new clarity about interest rates and big pharma M&A priorities, reducing the risk of financial storms in 2024, investors and advisors said.
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Private Company Edition: The latest group of drug developers to announce venture capital financings is remarkable for its geographic diversity, from Character Biosciences’ $93m series B round in the US to Augustine’s $85m series B in Belgium to a $29.2m series C for Aculys in Japan.
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Kyoto-based venture moves HQ to California to expand R&D and business outreach for its regulatory T-cell technology, as it raises around $46m in public and private funding.
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The Belgian firm banks nearly €77.7m to push its Charcot-Marie-Tooth to proof-of-concept.
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A new report from a domestic institute on South Korea’s biopharma M&A trends shows a pickup in activity, but that this remains relatively weak and small-scale. It calls for broader domestic government support to build expertise, drive innovation and globalization.
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All the elements for a big M&A year are in place, but political uncertainty and interest rates could push more deals into the second half of the year, according to business development experts at BIO CEO & Investor.
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Highlights from the BIO CEO & Investor Conference, held in New York 10-11 February, include the impact of US political changes, Chinese companies entering the obesity race, and IPO pitfalls.
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Bristol Myers Squibb has been in a rapid growth phase to make up for upcoming losses of exclusivity. Scrip spoke with executives about further catalysts coming in the next 18-24 months.