Back at the beginning of the year during JP Morgan, I came up with my usual set of projections for the year ahead and definitely got one thing wrong. The biotech IPO market, I said in January, would remain weak, creating a major funding issue for biotech.
Here’s me in a discussion with Catalent executive chairman John Chiminski:
What you’ve had for several years is a booming biotech field, lots of money pummeling into the business and pushing it up. So when you remove IPOs as an alternative source of money for a lot of companies, it will make deal-making more (attractive).
That was directionally correct, but the IPO market didn’t stay weak. It imploded in an ugly ball of startled generalist fear as Ukraine, inflation and a world of fretting sent the IPO market — which backed…
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