Foreword
If “normal” is ever considered a target, it is starting to look as though the pharmaceutical industry is on track. Following the sugar high of Covid, then the crashing lows of the past couple of years, the first quarter of 2024 suggests that the dizzying heights of “normal” maybe within reach.
At the end of 2023, M&A was buzzing, and while the first three months of this year didn’t continue at quite the same pace, there was still a very respectable level of activity, with over $36bn in total spend. This included seven acquisitions with upfront valuations of over $1bn. This is well under megadeal territory, but we’ve long considered that most M&A activity in the foreseeable future will continue to be smaller, bolt-on deals and most will be happy for that stability to reign for now.
There’s a slightly different picture emerging on the venture capital fundraising front, where we saw a reduction in the number of financings but an increase in the amount invested. These larger rounds of financing – the largest of which raised $400m – means that the rebound is uneven and the future remains uncertain for those struggling to raise funds.
Still, there is reason to hope that that financing picture may even out. The increased M&A activity and the flotation of 10 companies on Western exchanges in the first quarter provide much-needed exit opportunities for investors. The IPO window has remained stubbornly closed for most of the past two years, but investors are beginning to show interest again. However, expectations are high for those who do get away and these newly-public companies have had pretty mixed results since they took the plunge.
In this eBook, we look at all the investment and dealmaking data for the first quarter, as well as digging into some of the share price winners and losers. Spoiler alert – the obesity frenzy continues as generalist investors spot a bank-bound bandwagon.
Come on in, the water’s… normal.
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