Biotech Values

[DewDiligence]

PwC forecasts strong biotech-M&A in 2023, FWIW:

https://www.pwc.com/us/en/industries/health-industries/library/pharma-life-sciences-deals-outlook.html

2022 has been a challenging year for M&A in the pharmaceutical and life sciences sector, with both deal value and volume at multiyear lows thanks to overall macro headwinds coupled with broad-based market dislocation.

In 2023 we expect M&A to more closely resemble prior years [i.e. prior to 2022] with a total deal value in the $225 billion to $275 billion range across all subsectors. Ample corporate cash, the need to continue to invest to address medium-term pipeline gaps and the resetting of biotech valuations will provide the backdrop for an active year.

“Resetting” of valuations is a euphemism for share-price declines that make small biotechs more attractive buyout targets.