Biotech Q1 2024: A PIPE Dream
40 PIPEs raised $5.7B (for comparison VC did $5.5B)
'median performance was 11.6%'

Also - 'Certain Biotech Investors Get an Early Look at Results. Is That Fair?' wsj.com/finance/invest…

Table from William Blair

World of ADC: PFE is ahead however NVS, Lilly, Gilead, JNJ and Amgen lagging behind.

Graph From Guggenheim

Life Sciences VC Q1 2024: 'capital efficiency' gets thrown around a lot but few practice it.

Even though capital raise trending upwards (Q1 24>Q1 23) but Deal Count going down. So, more money to less companies - Mega rounds still happening.

Graph from PitchBook

Radiopharma subsector outperformed (68%) compared to the $XBI (-2.2%)

Source: Li Watsek at Cantor

Biotech investors are receiving a cumulative influx of $90B+ of cash from recent public M&A deals, increasing market liquidity

Biotech Q1 2024 report:
- Only 25% deal value went to pre-clinical companies
- Small molecules heavily funded despite IRA overhang
- Series C (late stage) required existing investor saving

Link to report - oppenheimer.com/news-media/202…

Biotech - What's next in radio FOMO?

Source: Truist

So Q1 24 fund flows ended red for $XBI & green for $IBB

YVR ❤️

$FUSN Origin Story !!
Behind the scenes Genesys Capital contributions

Biotech M&A recently - target companies for acq in Obesity were pvt & RadioPharma were pub

Obesity
Inversago ($1.1B: Novo) Genesys Co-creation
Carmot ($2.7B: Roche)
Versanis ($1.9B: Lilly)

Radiopharma
$PNT ($1.4B: Lilly)
$RYZB ($4B: BMS)
$FUSN ($2.4B: AZ) Genesys Co-creation

'Blessing of 3' - Biotech M&A in Oncology

Image by Li Watsek at Cantor

Great outcome for a Canadian IP and for bold vision held by the entrepreneurial academician - John Valliant, who first started CPDC as a centre of excellence in 2008 at McMaster University and later spun off Fusion Pharma in 2014