Hang Onto The Launch: Investor Outlook Is Brighter For Some Biotechs
Successful biotech launches like Regeneron’s Eylea, Vertex’s Incivek and others have investors reconsidering the “short the launch” mentality that pervaded the industry a year ago, though no one is throwing caution to the wind.
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Fourteen deals have been signed so far in 2014 with an up-front value of $1 billion or more. The standout year for pharma M&A is already more valuable than 2009, the year Pfizer bought Wyeth and Merck acquired Schering-Plough.
Onyx Pharmaceuticals is working to execute on two launches and produce late-stage data that will enable it to add more indications to its growing roster of marketed drugs. If it succeeds, it could eventually rival competitor Celgene as one of the few biotechs to move from a small cap into the big cap ranks, but any stumbles could slow or eliminate Onyx’s evolution.
Several big and mid-cap biopharmas successfully maneuvered at the seminal conference for the industry, garnering sizeable stock moves as a reward. But it’s not clear yet if the market upswing signals continued sector momentum or a brief peak.