Parsing premiums: 2023’s biopharma M&A deals

2023’s highest-premium takeouts and its top-value deal all came early, but 4Q was notable for its pace of $1B+ deals

January 4, 2024 2:49 AM UTC

At least 22 biotechs were taken out in deals valued at $1 billion or more in 2023, and although the year’s acquisitions with the highest premiums and its biggest deal came in the first quarter, the fourth quarter saw the pace of $1 billion-plus deals pick up in a positive indicator for a better 2024.

After only two large deals in the third quarter, the nine $1 billion-plus deals to close out the year joined a rising XBI, the Fed signaling possible interest rate cuts and an increased appetite for follow-ons to create an air of cautious optimism heading into next week's J.P. Morgan Healthcare Conference...