XBI - Biotech M&A could soon pick up following slow 2021 start - Jefferies

Biotech M&A, which has been relatively quiet so far this year, is poised to pick up due to more reasonable prices for biotech companies, according to Jefferies analyst Michael Yee."Typically, we see 3-5 [month] corrections…[and] then pharma starts to step in and finalize deals,” he wrote in a note on Friday. "We are now 3 months into a large drawdown and down 30% off highs."The biggest biotech M&A deal so far this year was Jazz Pharmaceuticals' (JAZZ) $7.2B acquisition of GW Pharmaceuticals announced in February.The second largest deal was Horizon Therapeutics' (HZNP) $3.05B acquisition of Viela Bio which closed in March.Yee cites Horizon as a potential acquisition target.Others on his radar are: Arrowhead Pharmaceuticals (ARWR), Ultragenix Pharmaceutial (RARE), Iovance Biotherapeutics (IOVA), Allakos (ALLK), Fate Therapeutics (FATE), and TG Therapeutics (TGTX).Yee also said Biogen (BIIB), one of the larger biotech names, could be acquired.The last mega biotech deal was in December

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Biotech M&A could soon pick up following slow 2021 start - Jefferies