2009 in Review, the M&A and Venture Perspectives (1/3)
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2009 in Review, the M&A and Venture Perspectives (1/3)
Fred Frank and Dennis Purcell share their perspective on the transformative events of 2009 that are indicative of the future. With 3 mega-deal (Pfizer + Wyeth, Merck + Schering Plough, Roche + Genetech), the pharma landscape is changing - unfavorably for biotech. The follow-on market was strong for large cap, although we've seen less pharma aquiring, and a challenging IPO market. Dennis Purcell comments "we've reset the bar in terms of what you get paid for." Fred Frank notes that while pharma's mega-deals often diminish value and are motivated by fear of patent expiration, the Pfizer Wyeth deal seems to have a more solid strategic rationale. The structure of M&A deals appears to be converging with licensing deals - with smaller upfront and larger milestone payments.
This interview was conducted at the NASDAQ Marketsite, on January 7th, 2010, in New York City.
Featuring:
- Frederick Frank, Vice Chairman, Peter J. Solomon Company
- Dennis J. Purcell, Senior Managing Partner, Aisling Capital
- John Mohr, Executive Producer, BioBusiness.TV
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