After the first half of 2017 biopharma investors are in a position to be exuberant: the threat of US price controls that have overshadowed the sector for a year have largely disappeared.
The pricing debate has fizzled to proposals for regulatory relief, increased competition and value-based pricing, news of which sent the US biotech index by late June to its highest point since the end of 2015.
Nasdaq Biotechnology Index hit an 18-month high, and healthcare indices in general outperformed wider markets over the first half
Initial public offerings of development-stage companies exceeded $1bn in the second quarter, making it the strongest quarter in nearly two years
The first half of 2017 generated the lowest number of M&A deals and total transaction value since 2013
Venture capital investment looks to be on track to at least match 2016’s total