Specialist
Former VP at F Hoffmann-La Roche AG
Agenda
- M&A trends and developments in biopharma
- Recent decrease in biopharma M&A activity, discussing valuations and potential for more deals in H2 2021
- Competitive dynamics and relative portfolio gaps among Merck (NYSE: MRK), Bristol-Myers Squibb (NYSE: BMY), Gilead (NASDAQ: GILD), Biogen (NASDAQ: BIIB), Roche (VTX: ROG), Sanofi (PAR: SAN), Astellas (TYO: 4503) and J&J (NYSE: JNJ)
- Outlook for H2 2021 and beyond
Questions
1.
There seems to be quite a dry spell for biopharma M&A, which has investors patiently waiting for the next big take-out. What do you attribute this to? Do you think this is a matter of too much change in the underlying dynamics in the industry or perhaps a factor of valuation?
2.
How significantly would valuations have to decrease to catalyse more biopharma M&A?
3.
Could you elaborate on the FTC’s handling of M&A in pharma and biotech? What threat might this pose to the future of biopharma M&A? What’s key for investors to understand?
4.
You referenced oncology as the key indication of interest for acquisitions and pipeline growth. Could you outline the key companies in this space and what they are seeking in M&A and partnerships in oncology?
5.
How would you assess AstraZeneca’s overall integration strategy and success, given you suggested the company is quite opportunistic in M&A?
6.
You said Roche and Genentech should be seeking ways to complement their IO pipeline and the Spark Therapeutics acquisition, completed at EOY 2019. Are there any companies you’d note as a good target?
7.
You noted Sanofi’s wide-ranging pipeline and that focus is key. Where do you think the company should allocate R&D spend, apart from oncology? Might it divest any areas that aren’t key priorities?
8.
What is your assessment of BMS [Bristol-Myers Squibb], Biogen and Gilead? According to Moody’s, these players are also top contenders for likely buyers due to the need to boost pipelines and fill gaps.
9.
Could you elaborate on the integration issues you referenced with BMS?
10.
What would you note as the main weak spots with Biogen’s leadership? What might need to change?
11.
Could you elaborate on the key areas beyond oncology that might be of primary interest for acquisitions and pipeline growth?
12.
There’s been some buzz about Deciphera and Iovance as targets in oncology. How do you assess these companies? Do you envisage any of the likely buyers we discussed being a good fit for either?
13.
What’s your overall expected pace of M&A in biopharma across H2 2021 and into 2022?
14.
Are there any final key topics pertaining to biopharma M&A that you’d like to highlight in conclusion?
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