The Ledger
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Chang: Pharma Acquirers Strengthened Position During Q4 2018 Market Downturn
“I think the buyer psyche changed too, specifically in the fourth quarter where across all sectors of the market saw a downturn in, in trading, but I think the buyer universe actually strengthened across pharma.”
Chang: Pharma Buyers Acquire Biotech Startups to Control Drug Launch Messaging
“So I think part of it also is buyers want to control the launch and control the commercial message.”
Chang: Gene therapy modalities create moats providing sustained cash flows
“If you actually think about gene therapy and new technologies, they are creating the moat. Meaning, for example, Avexis and SMA, they are the, probably the leading gene therapy program out there, and they want to continue building that franchise and have not o…”
Chang: Spark Therapeutics' Philadelphia manufacturing plant was a key acquisition asset
“If you actually look at Spark, it's, it definitely has its anchor in gene therapy, but I think the thing that gets underappreciated in biopharma is downstream capabilities, and so they have a manufacturing facility on Market Street in Philadelphia, and I think…”
Chang: Bio platforms require end-to-end operational solutions, not just discovery
“The platform is not just an enabling technology to source and discover new drugs, but it's also the breadth of end to end solutions for modality.”
Chang: Novartis acquired AAA and Endocyte to secure radioisotope supply chains
“He made two acquisitions in the radio label target oncology space. So with AAA and Endocyte being the most recent acquisition they were able to secure that supply chain for that specific radio isotope.”
Nate Chang: Biotech IPO exits will slow down in 2019
“I think we're gonna continue to see slightly slower pace in terms of IPO exits”
Nate Chang: Celgene set the standard for early-stage biotech licensing deals
“Celgene had a great playbook. They were very active in looking at earlier stage companies in terms of licensing, licensing with equity or also licensing with the option of buy. They had all those structures laid out for a lot of their early stage investments.”
Nate Chang: Most biotech acquisitions target late-stage or commercial companies
“I think most acquisitions that you see in, in biotech are late stage to marketed
stage companies, so they are, I think pharma companies are still very conservative in terms of making big bets on early stage platforms for acquisition.”