The biopharmaceutical industry experienced a surge in deal activity during Q1, but has slowed down as the industry entered into Q2. Average deal value in H1 ’21 was much smaller than that of H1 ’20, potentially indicating smaller opportunities or budget constraints. Deal activity in H1 2021 was largely driven by partnerships within the Oncology & Neurology disease areas, which is similar to what we have seen in the past. We expect these two therapeutic areas to continue to lead deal activity across the industry, however, COVID-19 research (vaccines and therapies) funded by the U.S. government and portfolio expansion in the cannabidiol landscape have also gained traction. Additionally, the influx of funding into the biopharma industry continues to drive an upward trend of US IPOs, with 51 companies going public in H1 2021.
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