Global spending on cancer medicines is set to reach US$375 billion by 2027, with innovation in drug discovery and development ramping up to meet rising demand. While the global biotech sector continues to grapple with elevated interest rates and plunging valuations, the oncology sector continues to attract dealmaker interest. Pharmaceutical companies have taken advantage of favorable valuations in the biotech sector to pursue opportunistic purchases. And they have the resources at hand, drawing on deep cash reserves amassed during COVID-19, estimated at US$1.4 trillion as of December 2023.
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Source: https://mergers.whitecase.com/highlights/oncology-dealmaking-fuels-biotech-ma#!