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The biotech sector has continued to participate in the market rally. One of the reasons is the strength in biopharma M&A activity, which provides unique support for valuations and particularly assists the small-and-midcap biotech companies. We briefly highlight some of the recent transactions and key events.
M&A Theme
After the January 2019 blockbuster purchase of Celgene (CELG) by Bristol Myers Squibb (BMY), which remains pending, and Loxo Therapeutics acquisition by Eli Lilly (ELY), M&A transaction activity has sustained itself during the first quarter.