Opinion: 2024 Will Be a Buyers’ Market in Biopharma. It Already Is

The sale of listed contract drugmaker Catalent to Novo Nordisk last week follows Johnson & Johnson’s recent agreement to acquire Ambrx Biopharma for $2 billion, Gilead’s $4.3 billion acquisition of CymaBay, BMS’ $4 billion acquisition of Rayzebio, and Pfizer’s $43 billion acquisition of Seagen.

Collectively, these transactions illustrate the growing appetite among pharma companies for biotechs that can fill product development pipelines and increase top line revenues, particularly in sectors such as obesity, oncology and immunology.