M&A crystal ball

At least six biotech companies will disappear as the result of M&A activity last week, leading some to wonder whether the oft-talked about consolidation is upon us. The answer: don't bank on it. Even though there is a horde of hungry mouths and little sign that a window will open, market watchers polled by Ebb & Flow point out that the big, strategic buyers - pharma and profitable biotech - remain cautious about dinging EPS. And with valuations still in flux, it's hard to peg what some companies are worth.

Lazard banker David Low

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