Healthcare Market Update
We had all-time potential M&A activity over past 10 years; but valuations are opportune for investors and not Pharma consolidators today. Despite recent M&A acquisitions (BioHaven/Pfizer, Sierra/ GSK, Zogenix/UCB) the predicted M&A upswing hasn’t materialised. Despite excess firepower being >USD200bn (see chart ahead), we opine that strategic spending and the macro climate has dissuaded big pharma away from M&A
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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