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Debt-fueled acquisitions helped Teva, Shire and Allergan report well-received fourth-quarter earnings. But sector circumstances have changed since 2016 and the ability to grow by debt-funded acquisition is now severely restricted.
In Q3, biopharma financing totaled $7.4 billion, a large proportion of which was by rare disease developers; among the highlights in the $23 billion in M&As was Allergan's buying spree, including two NASH companies. Just over $20 billion went into biopharma alliance dealmaking, and neurology assets attracted many of the dollars.
Pfizer signed multiple billion-dollar deals, including buying AstraZeneca's anti-infectives portfolio for $1.6 billion and acquiring Medivation – and the blockbuster cancer drug Xtandi – for $14 billion. Follow-on public offerings accounted for 52% of both biopharma and device financing.
Derived from Strategic Transactions, Informa’s premium source for tracking life sciences deal activity, the Dealmaking column is a survey of recent health care transactions listed by relevant industry segment – In Vitro Diagnostics, Medical Devices, and Pharmaceuticals – and then categorized by type – Acquisition, Alliance, or Financing. This month’s column covers deals announced in August 2016.
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