A rash of dealmaking helped reverse the declining fortunes of biotech stocks over the last five months. And as AstraZeneca Plc (Nasdaq: AZN)’s $1 billion deal to acquire closely-held Amolyt Pharma illustrates, the likelihood is there’s much more to come. A total of 46 listed biotech transactions worth more than $100 billion were announced across the industry last year, the highest since spending peaked in 2019, according to data compiled by Bloomberg. Chief among them was Pfizer Inc. (NYSE: PFSE)’s $42 billion acquisition of cancer drug maker Seagen Inc. The increase in deal activity bodes well for a rally that has seen the Russell 2000 Index Biotechnology Subsector rise nearly 60 percent since its October low, also boosted by a shift back toward long-duration growth stocks on the prospect of lower interest rates.
Read the full article: Biotech Rally Gets $100B M&A Lift with More Deals to Come //
Source: https://www.themiddlemarket.com/news-analysis/biotech-rally-gets-100b-ma-lift-with-more-deals-to-come