U.S. FDA drug approvals increased 19.18% compared to the first six months of last year, with June approvals up to 18 from the previous five months’ average of 14. Worldwide approvals are down 16.8% from the first half of 2022, but up 1.43% compared to the previous seven years’ average.
While med-tech financings in the second quarter (Q2) rose by 24% over the first quarter (Q1) – an historically low Q1 – the overall funding landscape in 2023 has struggled to keep up with other years, with IPOs in particular hitting rock bottom. A total of $5.8 billion was raised in Q2 through 128 transactions. Combined with Q1, the amount for the first half of 2023 is $10.5 billion through 255 transactions. This is an overall drop in value during the first six months of 31% compared with the same timeframe in 2022. It also is down from 2017 – the next lowest year – by 22%.
The biopharma industry experienced a notable decline in deal values and activity in June 2023, with a 48.51% decrease in deal values and a 43.62% decrease in the number of deals completed compared to the previous June. M&As, however, showed a remarkable 824.59% increase in value year over year in June, thanks to several billion-dollar transactions.
The biopharma industry experienced a notable decline in deal values and activity in June 2023, with a 48.51% decrease in deal values and a 43.62% decrease in the number of deals completed compared to the previous June. M&As, however, showed a remarkable 824.59% increase in value year over year in June, thanks to several billion-dollar transactions.
There are at least two ways to look at biopharma deals and M&As in 2023. Through one vantage point, the volume of both, and the value of M&As, are at their lowest levels in at least five years – and deal values have declined by 8% compared with 2022. From another perspective, however, M&As appear to be picking up, and those same declining deal values in the first half of 2023 represent the third highest amount since 2017.
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