The Bio Report
The Year in Biotech and What’s Ahead in 2024
Dec 27, 2023
The podcast discusses the biotech industry in 2023, including new drug approvals and M&A activity. The rise of Rama Swami, a biotech scientist turned politician, and the upcoming JP Morgan conference are also discussed. The speakers express interest in gene therapy business and the upcoming approval of the first drug for mash. They also talk about an upcoming event and the year ahead in biotech, including financing for companies and M&A trends.
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Quick takeaways
- The biotech industry in 2023 experienced a mix of positive and negative developments, with biotech stocks rallying towards the end of the year but still facing layoffs and restructuring challenges.
- 2023 witnessed a significant number of drug approvals, including the first CRISPR gene editing therapy and cell therapies for sickle cell disease, highlighting advancements in biotech research and innovation.
Deep dives
Biotech in 2023 - A Year of Ups and Downs
The year 2023 saw a mixture of positive and negative developments in the biotech industry. The stock index for biotech companies, XBI, experienced significant fluctuations throughout the year. However, towards the end of the year, there was a strong rally, bringing the index into positive territory with a modest year-over-year gain. Despite this rally, the industry witnessed numerous layoffs and restructuring, leaving many biotech microcaps with less than a year of runway based on their cash burns. The year showcased the consequence of having too many biotech companies and the challenges they faced in raising capital.
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