Pharma M&A Slumps As Buyers Seek Platforms Instead Of Single Products [Forbes]
CELGENE (CELG)
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Source: Forbes
Pharmaceutical buyers are shifting from buys of single assets to whole platforms, which has contributed to fewer deals getting done, M&A specialists say. By Kevin McCaffrey Pharma buyers are increasingly looking to acquire platform technologies as opposed to single assets, which coupled with high valuations, has led to a slowdown in deal activity, according to two attorneys speaking at a roundtable by Paul Hastings’ M&A practice. “Single-product deals have become disfavored,” says Samuel Waxman, a partner at the firm. “Buyers are looking for platform plays, which are hard to find.” The past year has seen a number of “platform” deals, or pharma companies looking to expand into a new therapeutic area rather than simply add a single asset to an existing portfolio. Celgene acquired Juno Therapeutics in January for roughly $9 billion to bring in a portfolio of cell therapy candidates with potential indications in cancer. In April, Novartis expanded
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