Private Placement Activity and M&A and Strategic Collaborations

Our 10 key takeaways:

1. A staggering $5.8B was raised by private biotech companies, making 1Q24 one of the top post-pandemic quarters in terms of total capital raised
2. Renaissance of $100M+ deals (most of which are clinical-stage companies)
3. Higher number of Series Bs and Cs with a crossover flavor
4. New investor participation as lead continued at similar levels as 2023 (including multiple co-led and even triple-led rounds)
5. Oncology, Autoimmune / I&I, and CV&M attracted the majority of VC dollars; small molecules remained popular; ADCs and Cell Therapy continued to gain momentum in the private markets
6. Cautious optimism towards an opening of the IPO window; clean clinical data is key for after-market performance
7. 2023 M&A and BD frenzy continues in 2024 ($19.8B in acquisitions and $33.1B in collaborations during 1Q24 alone)
8. Oncology, Autoimmune / I&I, and CV&M companies remained the primary targets for both M&A and strategic collaborations in 1Q24
9. Small molecules remained the most sought after from a M&A standpoint (7 out of 19 deals), while cell & gene therapy (mostly siRNA, CAR-T, and gene editing) was heavily targeted for collaborations (28 out of 58 deals)
10. 2Q24 already looks to be a very active quarter, but some volatility likely to creep in in 2H24

These reports are part of our leadership role in the biopharma sector. We hope to provide you with broader healthcare perspectives and actionable insights. Consider us a partner, trusted advisor, and extension of your team - with The Power of Oppenheimer Thinking.

Please reach out to Michael Margolis, R.Ph. (MichaelA.Margolis@opco.com), Daniel Parisotto, PhD (Daniel.Parisotto@opco.com), Zelyn Kwok (Zelyn.Kwok@opco.com), or Robert Lewis (Robert.Lewis@opco.com) directly to request a copy.