"The reality is the boats are shaking" "The reality is the boats are shaking," Cowen analyst Yaron Werber tells Axios.
- As the financing market improves and federal interest rates stabilize, "there's a confluence of pharma sitting on dry powder while biotech (companies) have become willing sellers," Werber says.
- "We don't expect M&A to slow down, especially given there are plenty of cheap smidcap biotechs with commercial/late-stage assets of interest to pharma," Jefferies analyst Michael Yee wrote in a recent note.
https://www.axios.com/2023/12/28/biopharma-biotech-merger-deal-2023-2024