Biopharma’s green shoots thriving in summer sun as deal activity returns

The Fed has paused rate hikes and the major indices are starting to see a bull again. Could the summer sun finally be returning to shine on the biotech industry?

That’s what William Blair’s investment banking team thinks, according to a new quarterly review of U.S. biopharma. After hitting near rock bottom in the summer of 2022, sentiment is now improving across the sector. The second quarter saw "meaningful M&A"—16 transactions totaling $29.1 billion in deal value. Highlights include Eli Lilly’s two deals for Sigilon Therapeutics and Dice Therapeutics for $35 million and $2.4 billion, respectively, and GSK’s $2 billion purchase of Bellus Health.