In Q3 2024, biopharma M&A activity remained robust, highlighted by Lilly's $3.2B acquisition of Morphic and Organon's entry into immune-dermatology with Dermavant. The XBI index gained 7% for the quarter, while follow-on activity slowed, yet capital raised reached $6.7 billion across 24 offerings. Despite a favorable macro environment, large biopharma companies are cautious about mega deals due to impending patent expiries and regulatory uncertainties.
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