First-quarter 2017 biopharma financing reached $6.8 billion, a 29% decrease from Q4 2016's $9.6 billion. This change can be attributed to declines across all but two deal types. (See Exhibit 1.) The "Other" financings category was significantly higher in Q1 with $2.5 billion (vs. $227 million in Q4), thanks mostly to Perrigo Co. PLC's sale of its royalty stream for the multiple sclerosis drug Tysabri (natalizumab) to RPI Finance Trust (Royalty Pharma) for $2.2 billion. [See Deal] This was Q1's largest transaction and made up 32% of the quarter's aggregate dollars.
Biopharma Quarterly Deal-Making Statistics, Q1 2017
A look at financing, M&A and alliance activity January–March 2017
Biopharma financing decreased by 29% in the first quarter of 2017; conversely, M&As set a record, reaching $61.9 billion. The largest alliance of the quarter involved the microbiome.

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