Biotechs CinCor, Albireo Jump on Takeovers by Larger Drugmakers

Bloomberg2023-01-10

(Bloomberg) -- Multiple small biopharmaceutical companies jumped by a record Monday after larger drugmakers scooped them up, marking a small flurry of activity in the M&A-hungry space as a key sector ...

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CinCor’s shares jumped 142% to make the stock the top performer in the Nasdaq Biotechnology Index. Albireo Pharma, Inc. surged 94%, as the rare disease firm was bought by Ipsen S.A. Also, Amryt Pharma Plc is set to be bought for up to $1.48 billion, sending its American depositary shares up 108%.    \nThe trio of deals, announced as the JPMorgan Healthcare Conference kicks off in San Francisco, only amounts to a few billion dollars in value, potentially underwhelming investors who may have been looking for more of a jolt.\n“It’s better than nothing,” Jefferies strategist Will Sevush writes about the CinCor and Albireo deals in a note. But they’re not going to help the space in a “real way,” he says.\nAll three deals included contingent value rights, which could trigger additional payments to shareholders if certain milestones are met. Investors were assigning partial value to those CVRs in Monday trading, with all three stocks between the basic per-share offer level and the value inclusive of the CVR. As the biotech sector fell 26% last year, the evergreen hope for takeouts in the space has been elevated. \nIn 2022, the US market saw a total of $138 billion worth of US biotechnology deals, according to Bloomberg data, which is a recovery from the early pandemic levels but still lagging $203 billion worth of transactions seen in 2019 and $186 billion from 2018.\n--With assistance from Matt Turner.\nMost Read from Bloomberg Businessweek\n\nAmerica’s Aggressive Chip Strategy Forces China Into a Corner\nThe World’s Love Affair With Japanese Cars Is Souring\nSilicon Valley Can’t Quit Its Pizza Robot Obsession\nIt Takes 6,000 Gallons of Water to Cool the World’s Fastest Supercomputer\nThe Secret to Ron DeSantis’s Success? Ignore Donald Trump—and Attack Business Instead\n\n©2023 Bloomberg L.P.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2302993701"}