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Access through your institution Buy or subscribe Public biotech markets staged a robust recovery from the late 2018 crash. Money flowed into the sector from both public and private sources,

dropping only slightly from 2018 historic highs. Leading the big-ticket acquisitions, Bristol-Myers Squibb’s bid for Celgene overcame stock holders’ objections. Money continued to flow into

the sector from China as one of the top five flotations and two of the top five VC fundings went to Chinese companies. Meanwhile, European markets were moribund, with no public listings for

the first time in seven years. IPOS Company (lead underwriters) Amount raised ($ millions) Date completed Change in stock price since offer (as of 3/29/2019) Gossamer Bio (Bank of America,

Merrill Lynch, SVB Leerink, Barclays Capital, Evercore ISI) 317.4 7-Feb 15% CStone Pharmaceuticals (Goldman Sachs, Morgan Stanley, UBS, China Merchants Securities) 285 25-Feb Not available

Alector (Morgan Stanley, Bank of America, Merrill Lynch, Cowen, Barclays Capital) 175.8 6-Feb –5.30% Stealth BioTherapeutics (Jeffries, Evercore ISI, BMO Capital Markets, Nomura) 78 14-Feb

12.60% Harpoon Therapeutics (Citigroup, SVB Leerink, Wedbush Securities) 75.6 7-Feb –17.20% VENTURE CAPITAL Company Amount raised ($ millions) Round number Date completed Verily Life

Sciences 1,000 Not disclosed 3-Jan Alvotech 300 Not disclosed 22-Jan InnoCare Pharma 160 Not disclosed 4-Jan Haihe Biopharma 146.6 B 11-Feb Beam Therapeutics 135 B 6-Mar MERGERS AND

ACQUISITIONS Target Acquirer Value ($ millions) Date announced Celgene Bristol-Myers Squibb 74,000 3-Jan Loxo Oncology Eli Lilly 6,120 7-Jan Spark Therapeutics Roche 4,800 25-Feb Clementia

Pharmaceuticals Ipsen Group 1,263 25-Feb Immune Design Merck 300 21-Feb LICENSING/COLLABORATION Researcher Partner Value ($ millions) Deal description Ablynx Merck 6,787 Ablynx grants Merck

rights to develop and commercialize an undisclosed number of Nanobodies discovered by Ablynx targeting undisclosed immune checkpoint modulators for cancer Eisai Merck 5,785 Eisai partners

with Merck to jointly develop and commercialize worldwide Eisai’s cancer drug Lenvima as monotherapy and in combination with Keytruda Innate Pharma AstraZeneca 5,567 Innate Pharma grants

AstraZeneca exclusive, worldwide rights to develop and commercialize monalizumab and options to IPH5201 and other preclinical programs in return for US, EU rights to commercialize

moxetumomab Affimed Roche 5,046 Affimed partners with the Genentech unit of Roche to develop and commercialize natural killer cell engager-based immunotherapeutics to treat cancer Regeneron

Sanofi 4,077 Sanofi and Regeneron partner to jointly develop and commercialize immuno-oncology candidates, including PD-1 inhibitor Libtayo, REGN5458 and REGN4018 * Source: BCIQ: BioCentury

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Biotechnology https://www.nature.com/naturebiotechnology Laura DeFrancesco Authors * Laura DeFrancesco View author publications You can also search for this author inPubMed Google Scholar

RIGHTS AND PERMISSIONS Reprints and permissions ABOUT THIS ARTICLE CITE THIS ARTICLE DeFrancesco, L. 1Q19—US and Chinese investors retain their appetite. _Nat Biotechnol_ 37, 495–496 (2019).

https://doi.org/10.1038/s41587-019-0121-3 Download citation * Published: 03 May 2019 * Issue Date: May 2019 * DOI: https://doi.org/10.1038/s41587-019-0121-3 SHARE THIS ARTICLE Anyone you

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