While the biotech M&A boom that lawyers have been longing for in early 2023 has yet to quite materialize, venture capital funding is slowing, non-traditional investors are retreating from the scene, companies planning an IPO are in limbo and stocks are in limbo many publicly traded companies are in the red – all of this is in stark contrast to the massive amounts of capital biotech companies need to reach proof of concept.
After a stormy market that lasted about two years, 2022 saw a “dramatic turnaround,” said Ryan Murr, co-chair of the life sciences practice at Gibson, Dunn & Crutcher. “It was like someone pulled the plug out of the bathtub.”
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