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Global Healthcare_ Pharmaceuticals_ Framing the 2025 M&A landscape for biopharma
Heuritech·2025-01-15 07:04

10 January 2025 | 6:59AM EST Global Healthcare: Pharmaceuticals Framing the 2025 M&A landscape for biopharma We are optimistic on the set-up for biopharma M&A in 2025, following subdued deal activity in 2024 (~46bnvs. 46bn vs. ~143bn in 2023 and ~72bnin2022)given:(1)end−of−decadelosses−of−exclusivity(LOEs)continuestoweighongrowthoutlooksandvaluationsofmostlarge−capbiopharma(ex−LLY/NOVO,thegrouptradesatanaverageof 10.75xFY25EconsensusEPS;Exhibit1);(2)potentialbuyers′ 72bn in 2022) given: (1) end-of-decade losses-of-exclusivity (LOEs) continues to weigh on growth outlooks and valuations of most large-cap biopharma (ex-LLY/NOVO, the group trades at an average of ~10.75x FY25E consensus EPS; Exhibit 1); (2) potential buyers' ~500bn+ ( ...