J.P. Morgan 2024: Financial Forecast Is Sunny For Firms Poised For Pharma Deals
Clouds Seemed To Lift At Annual Industry Meeting
Drug developers weathered a tough 2023, but the year ended with new clarity about interest rates and big pharma M&A priorities, reducing the risk of financial storms in 2024, investors and advisors said.
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Bristol Myers Squibb will double its neuroscience portfolio from one to two drugs after it pays $330 per share for Karuna and its lead asset KarXT, accelerating the big pharma’s diversification plans.
Public Company Edition: CARGO Therapeutics grossed $281.3m, giving it the fifth-largest biopharma IPO this year. Also, Alkermes completed its cancer business spinout as Mural Oncology, which launched with $275m, and Xencor sold Ultomiris and Monjuvi royalties for $215m.
Turnstone’s initial public offering comes just one week after Apogee and Sagimet launched US IPOs. Also, Westlake Village BioPartners raised $450m for its third venture capital fund and argenx grossed $1.27bn in a post-Phase III follow-on offering.