Global Healthcare_ Pharmaceuticals_ Framing the 2025 M&A landscape for biopharma
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 (~$46bn vs. ~$143bn in 2023 and ~$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+ ( ...