The article also provides some insight into where the M&A focus will be for 2023. The excerpt below is a good review for analyzing junior biotechs, imo. (thanks for posting)
Pharmaceutical & life sciences deals outlook
We expect to see activity in areas of high expected future growth in 2023. Pharma and biotech M&A will continue to focus on oncology and immunology, but other areas such as central nervous system and cardiovascular diseases as well as vaccines will see interest. We expect that the market will place a significant premium on therapeutic area leadership. Promising science that addresses unmet medical needs is incredibly valuable, but significant competition for differentiated and de-risked assets remains. A clear and agile approach to evaluating options will therefore be critical in achieving desired outcomes. Thinking broadly about success is imperative as companies will need to create a brand as the partner of choice as well as a new playbook to satisfy the insatiable market demand for shareholder returns. Structured deals, new and creative approaches to R&D funding and portfolio reassessments leading to divestitures are also going to be important themes in the M&A toolkit in 2023.
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