Will The Pace of M&A Pick Up Following The Biotech Sector’s Pounding?

Biotech is in the doldrums. The SPDR S&P Biotech ETF declined 18% in the past six months, and money continues to flow out of the sector. While several biotechs managed to IPO in September and October, it's not all roses. ADC Therapeutics pulled its plans to list citing market conditions. German unicorn BioNTech raised 40% less than initially planned and priced it at the low end of the range. Biotech management teams, whether already public or in the IPO queue, face similar challenges, forcing the exploration of alternatives including putting the company up for sale.