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The Quarterly Rx: Q3 2023 U.S. Biopharma Recap

Biopharma indices finished Q3 near recent lows, amidst resurfacing macro concerns, including a more hawkish Federal Reserve, equity outflows, and the (now averted) shutdown of the federal government in the United States. For companies fortunate enough to finance, either privately or publicly, deal sizes continued to grow to record highs as investors remain laser focused on ensuring ample cash runway through meaningful value-driving milestones.

The third quarter also saw muted big pharma activity on both the M&A and partnering fronts, with only one public company M&A deal announced over $1 billion in deal value. But the stage is set for more active business development given looming near-term patent cliffs and the effects of the Inflation Reduction Act (IRA). The drug manufacturers that will be impacted have a combined ~$160 billion of cash on the balance sheet.

Expectations for contentious political discourse will be another variable for biopharma companies to navigate as we head into a U.S. presidential election year. Since 1996, the NBI® has experienced a median decline of 6.0% during the one-month period leading into the elections, as drug pricing is often in the crosshairs of the political talk track.

William Blair’s Biopharma team shares perspectives in the Quarterly Rx: Q3 2023 U.S. Biopharma Recap.

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