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Venture capital investment in life sciences companies continues to rise. In 2017, biopharma and medtech start-ups raised $19.7 billion worldwide. European businesses retained a robust share of that global take and investors expect that trend to continue.
When it comes to deal-making, In Vivo's editors have always been quick to single out transactions that we feel will spark trends or otherwise have a major impact on the life sciences industry. Below, an expandable timeline of the deals we chose as bellwethers for pharma and medtech in each year of this still-young century and what we said about them at the time. (Free article.)
Veteran biopharma deal-maker Mark Enyedy has a new role as CEO of ImmunoGen, currently an investor favorite – company shares are up nearly 200% this year. In this interview he discusses corporate restructuring, the evolving role of business development and making new scientific inroads against hard-to-treat cancers.
Bristol's $2.4 billion buyout of Medarex in 2009 yielded value equivalent or greater to that realized in larger M&A transactions signed that year, such as Pfizer/Wyeth, Merck/Schering-Plough and Roche/Genentech. The deal made BMS a leader in immuno-oncology and by most accounts is the highlight of the pharma's "string of pearls" strategy.
Philips, a giant of the medical systems and software industry, maintains its strategic direction with organic and external growth. That was illustrated in one recent four-month period in which the group made seven acquisitions, adding to its non-invasive diagnostics portfolio Electrical Geodesics and bolstering its steps in therapeutic medical devices with the acquisition of Spectranetics. But whatever the target, the same ground rules apply.
Life sciences investors pumped around $15 billion into 175 biotech, medtech and diagnostics firms that went public during the 2014–16 IPO window. To understand what may be in store for those firms and their backers, In Vivo reexamines the fate of a previous generation of companies, the IPO Class of 1997.
Life sciences mergers and acquisitions are typically based on perceived future value rather than objective financial parameters, but the cognitive biases inherent in subjective assessments can derail deals. Executives need to take emotion out of the equation and rely on relevant data to craft successful transactions.
Medtronic's outcomes-based insulin pump supply deal with Aetna is the latest example of the medtech industry's shift toward value-based care.
Datamonitor Healthcare's five-year review of initial public offerings of CNS-focused companies shows that they held their own compared with other biopharma sectors. The markets rewarded pain and neurodegenerative disease-focused players in particular. Step-up multiples in CNS IPOs slightly outpaced those for other biotechs.
Time is the least considered driver of asset valuations in life sciences – and may be a factor behind the low level of M&A deals so far this year. ICON’s Andy Smith provides some advice to the C-suite and business development managers on strategies to clarify the duration aspect in risk-sensitive transaction negotiations.
Untapped market opportunities for treating and possibly curing underserved diseases have spurred an active deal-making environment in regenerative medicine, according to a new report from Datamonitor Healthcare.
Fortress Biotech has established nine subsidiary companies since 2013, each financed differently and each focused on an area of unmet need. Fortress CEO and longtime life sciences investor Lindsay Rosenwald lays out his ambitious plans for the future.
Big pharma comprises a smaller proportion of the deals market than mid-size and smaller biopharmas or biotechs, but it is the biggest spender. A free audio/video excerpt on big pharma licensing trends from Datamonitor Healthcare's webinar, "From R&D Investment To Externalization: Where Is The Pharma Industry Maximizing Value?"
When Olympus Corp. re-entered the M&A arena after five years of "back to the basics," it was via the purchase of a company that meets every parameter of its requirements. Nacho Abia says that OR integrator Image Stream Medical should also help the Japanese multinational stay on course to meet value-based – and ambitious mid-term sales – targets.
The pursuit by the industry to find novel combinations that can address more patients and more tumor types has driven overall immuno-oncology deal activity by big pharma and mid pharma companies between 2012 and 2016.
Singulex and Qiagen have entered a strategic alliance whereby Qiagen will be able to offer its clients companion diagnostic development services based on Singulex’s Single Molecule Counting technology.
With CEO leadership in the biopharma industry more short-cycled than ever, billionaire entrepreneur Phillip Frost ranks as a competitor for the long game – the last man standing in an endurance test spanning four decades of exposure to every iteration of a fast-changing business model. Frost’s strategy at Opko eschews the approach of most of his CEO peers to seek therapeutic dominance in a narrow band of core competencies.
Datamonitor Healthcare's mid pharma peer set, a group that boasts efficiency in R&D but still relies on business development for growth, has signed a significant number of alliances over the past six years to build out the pipeline in innovative areas.
Five companies in big pharma’s top 20 have come through mergers in the past 10 years or so that changed them significantly. As measured by standard financial performance parameters, the processes at Takeda and Teva (and to some extent, at Allergan) seem relatively smooth and productive. Those at Pfizer and Merck don’t. But it depends on how you look at the numbers.
Immuno-oncology continued to dominate pharma alliances in 2016, and cancer was once again the leading therapeutic area by volume in both partnerships and financings. Pfizer rebounded from its failed Allergan takeover in 2015 to do the largest M&A of 2016, Medivation.
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