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WEEK ENDING NOVEMBER 24, 2023
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- US equities had another positive week led by strong tech gains
- Both the healthcare public and private markets had a relatively inactive week thanks to the Thanksgiving Holiday in the US
Our healthcare market update is led by Back Bay Life Science Advisors' Andrew Davis, Kyle Mak, Eugene Yoon, Vasilios Kofitsas and Greg Benning. Have questions or comments? Please be in touch.
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Stocks solidified a fourth consecutive week of gains:
- The S&P 500 rose 1.0%, while the tech-heavy Nasdaq Composite gained 0.9%; Friday’s trading session was shorter than usual due to the Thanksgiving holiday, with relatively light trading volume
- The yield on the benchmark 10-year U.S. Treasury note edged higher as bond prices fell this week
Both the Biotechnology and Pharmaceutical indexes saw gains, ending with increases of 0.7% and 1.4%, respectively:
- In a lawsuit filed in Delaware federal court on Monday, AbbVie (NYSE: ABBV) accused Sandoz, Hetero Labs, Aurobindo Pharma, Intas Pharmaceuticals and Sun Pharmaceutical of trying to sidestep dozens of patents protecting Rinvoq through the next decade
- After some pushback on revenue clawbacks from drug sales, England’s National Health Service and the pharma industry reached a new five-year deal that will save the NHS about $17.4 billion in drug costs, but also double the annual allowed growth of branded medicines between 2024 and 2027
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- There have been no IPOs priced in the past week, given the Thanksgiving Holiday in the US markets
- The IPO queue continues to grow with 24 companies having filed S-1’s this year; potentially signaling IPOs being completed later in the year
Source: CapIQ
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- The follow-on markets were quiet this past week, with three follow-on transactions priced, raising an aggregate value of less than $20M
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Sources: Pitchbook, Biomedtracker, and CapIQ
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INVESTOR DAY: Nordic-American Healthcare Conference
It's the last week to sign up for the 8th annual Nordic-American Healthcare Conference. NAHC 2023 is unique in the US market, attracting dozens of US investors and partners and presenting over 20 companies from Denmark, Norway, Sweden and Iceland. Interested investors can request a seat, here.
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About the DNB//Back Bay Healthcare Partnership
From private and emerging public life science and healthcare companies seeking partnering, licensing, and M&A opportunities to listing and executing on US and Nordic exchanges to consolidators seeking and executing acquisitions and other growth strategies, DNB//Back Bay provides financial and strategic guidance on growth opportunities across sector and stage. Our healthcare and banking teams span the globe and have worked across every stage and sector of healthcare development.
Connect with the DNB//Back Bay Partnership.
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DNB Markets, Inc. is a broker-dealer registered with the Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority, Inc ("FINRA") and the Securities Investor Protection Corporation (“SIPC”). DNB Markets, Inc. is a wholly owned subsidiary of DNB Bank ASA. Securities products and services are offered in the U.S. through DNB Markets, Inc.
Back Bay Life Science Advisory LLC is broker-dealer registered with the Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority, Inc. Back Bay Life Science Advisory LLC is a wholly owned subsidiary of Back Bay Life Science Advisors, LLC. Securities products and services are offered in the U.S. through Back Bay Life Science Advisory, LLC.
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