Biotech M&A could soon pick up following slow 2021 start - Jefferies

seekingalpha2021-05-24

Biotech M&A, which has been relatively quiet so far this year, is poised to pick up due to more reasonableprices for biotech companies, according to Jefferies analyst Michael Yee.

"Typically, we see 3-5 [month] corrections…[and] then pharma starts to step in and finalize deals,” he wrote in a note on Friday. "We are now 3 months into a large drawdown and down 30% off highs."

The biggest biotech M&A deal so far this year was Jazz Pharmaceuticals'(NASDAQ:JAZZ)$7.2B acquisitionof GW Pharmaceuticals announced in February.

The second largest deal was Horizon Therapeutics'(NASDAQ:HZNP)$3.05B acquisition of Viela Biowhich closed in March.

Yee cites Horizon as a potential acquisition target.

Others on his radar are: Arrowhead Pharmaceuticals(NASDAQ:ARWR), Ultragenix Pharmaceutial(NASDAQ:RARE), Iovance Biotherapeutics(NASDAQ:IOVA), Allakos(NASDAQ:ALLK), Fate Therapeutics(NASDAQ:FATE), and TG Therapeutics(NASDAQ:TGTX).

Yee also said Biogen(NASDAQ:BIIB), one of the larger biotech names, could be acquired.

The last mega biotech deal was in December 2020 withAstraZeneca's(NASDAQ:AZN) $39B acquisition of Alexion.

Year-to-date, the iShares Biotechnology ETF(NASDAQ:IBB)has no change and the SPDR Biotech ETF(NYSEARCA:XBI)is down 10%.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

Khoo12
2021-05-24
Khoo12
Yes
CL777
2021-05-24
CL777
Finally
- Sheryl85:
  great
JonXu
2021-05-24
JonXu
Right now position
Yappy
2021-05-24
Yappy
Come on like pls

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