In 2013, the broader biopharmaceutical world built on the valuation gains afforded by a buoyant stock market and enthusiasm – unmatched in the history of the industry – for biotech IPOs. But this boom comes amid a reversion to the regulatory mean, as FDA approved a dozen fewer drugs in 2013 than in the standout year of 2012; the cooling of growth in emerging markets like China; and the not-so-distant drumbeat of payor demands for health care value.
Deal trends largely stayed on track from previous years, with peer dealmaking among large companies gaining steam and “innovation center...
