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1、Lazard Global Biopharmaceutical Leaders Study 2023Executive SummarySeptember 2023NO PART OF THIS MATERIAL MAY BE COPIED,PHOTOCOPIED,OR DUPLICATEDIN ANY FORM BY ANYMEANS OR REDISTRIBUTEDWITHOUTTHE PRIOR CONSENTOF LAZARDLAZARD 2022G L O B A L B I O P H A R M A C E U T I C A L L E A D E R S S T U D Y 2
2、 0 2 3Executive Summary1A Look Back at Lazards September 2022 Biopharmaceutical Leaders StudyBefore sharing the conclusions from our 2023 Study,we reflect briefly on the predictive nature ofour prior Study.Lazards Global Biopharmaceutical Leaders Study in September 2022 focused onexpectations for a
3、biopharmaceutical market recovery,catalysts for a more optimistic biopharmamarket sentiment,predictions for biopharma transaction activity,key areas of therapeutic andtechnological focus,and drug pricing legislation.A year later,except for predictions about drugpricing,we see a high correlation betw
4、een biopharma industry leader responses in that Study andthe course of subsequent events,a pattern consistent with prior studies.1Assumes select biopharma transactions from September 1,2022,to August 31,2023,and September 1,2021,to August 31,2022,respectively,with upfront transaction valuations over
5、$100mm.Transaction values shown include upfront values only.Includes acquisitions of private and public biotech companies across all geographies.60%of respondents to the September 2022 study did not expect a sustained recovery until 2H 2023 or beyond75%of respondents to the September 2022 study expe
6、cted bolt-on acquisitions activity to be higher93%did not anticipate legislation that will significantly impact drug pricing In September 2022,more than 60%of respondents did not expect a sustainedrecovery in the biopharmaceuticals market until the second half of 2023 or beyond,with almost 30%expect
7、ing one in 2024.Hope for a second half 2023 recovery inactivity faded as it became clear that financing conditions would remain difficultdue to a combination of banking system challenges and sustained tight monetarypolicy conditions in response to strong job growth and persistent inflation.Whilebiot
8、ech follow-on market volumes are up approximately 15%year-over-year,typically following catalysts,investors are still risk averse,and the biotech equitymarkets remain muted relative to 2020 and 2021 levels.Notwithstanding a handfulof recent IPOs,the IPO market remains challenged as a majority of the
9、 2020 and2021 IPO classes continue to trade below their offering prices.In our prior Global Biopharmaceutical Leaders Study,approximately three quartersof respondents expected bolt-on acquisition and alliance activity to be higher,catalyzed by reasonable price expectations,the need for growth and po
10、sitiveclinical data from specific biotech companies.Indeed,since September 2022,therehas been higher biopharma transaction activity with 37 acquisitions at an averagetransaction size of approximately$3.7 billion and a range of$140 million to$43billion,versus 35 transactions at an average transaction
11、 size of approximately$2.2billion and a range of$104 million to$11.7 billion in the prior 12 months.1Also,consistent with the predictions,large cap consolidation has not occurred.A year ago the top therapeutic priorities were solid tumors,rare diseases,autoimmune/inflammation/fibrosis,and neuroscien
12、ce.These priorities have playedout in biotech acquisitions and financings.Approximately 15%of previouslymentioned biotech acquisitions were in solid tumors,another 20%in rare diseaseassets,and 17%in autoimmune/inflammation related assets.It was a similar storyin the public equity capital markets,wit
13、h approximately 25%of public financings inoncology,10%in immunology,and 10%in rare diseases.Whereas,early last summer,biopharmaceutical leaders did not expect legislationthat would meaningfully impact drug pricing,the Inflation Reduction Act(IRA)waspassed on August 16,2022.Since then,there has been
14、significant and increasingfocus among many in the industry on the impact of the IRA on innovation,access,and strategic activity.We evaluate current expectations further in this Study.NO PART OF THIS MATERIAL MAY BE COPIED,PHOTOCOPIED,OR DUPLICATEDIN ANY FORM BY ANYMEANS OR REDISTRIBUTEDWITHOUTTHE PR
15、IOR CONSENTOF LAZARDLAZARD 2022G L O B A L B I O P H A R M A C E U T I C A L L E A D E R S S T U D Y 2 0 2 3Executive Summary21C-level executives included CEOs,CFOs,and senior executives involved in strategic decision-making.Large-cap biopharmacompanies are defined as those with market capitalizatio
16、ns above$25bn;mid-cap with market capitalizations between$5bnand$25bn,and small-cap with market capitalizations beneath$5bn.Lazard Global Biopharmaceutical Leaders 2023 StudyBroadly,investors have exited the summer of 2023 expecting a soft,but sluggish economiclanding.While still resilient,the econo
17、my is beginning to cool and inflation is slowing.Expectations for real GDP growth rates in 2024 are 1%or less across developed economies,ascentral banks maintain tight economic policies to ensure the worst inflation in decades is tamed.Fortunately,the prospects for equities are not entirely driven b
18、y GDP forecasts.The potentialbenefits of generative artificial intelligence combined with surprising economic strength through2023 have lifted spirits and valuations in the equity markets,and boosted confidence inboardrooms that the economy and investors will endure the economic softness and emerge
19、moreresilient on the other side.While the markets are unlikely to trace an uninterrupted upwardtrajectory,prospects are looking brighter than they have for some time.Indeed,there are green shoots in the biopharma equity markets.Biopharmaceutical innovationcontinues to advance broadly,deeply and rapi
20、dly.Numerous companies have reported excitingclinical data and transaction activity has accelerated.Investors have been more positive than theywere in 2022,but they are still risk averse and deploying capital into de-risked assets,creating a“haves”and“have-nots”environment.Additionally,the industry
21、is grappling with a challengingregulatory environment in light of the IRA and the anti-trust climate.Against this backdrop,this years Global Biopharmaceuticals Leaders Study was fielded in Juneand July 2023.This years study included participation from 2671leadersacross many of thelargest biopharma c
22、ompanies globally,as well as smaller public and private companies,andprominent investment firms.The respondents encompass 226 C-level corporate executives and41 leading investors.Among the C-level executives,20 are from large-cap public companies,sixfrom mid-caps and 117 from small-caps,while 83 are
23、 from private companies.SURVEY RESPONDENTS267Participants226Corporate Executives41Leading InvestorsCORPORATE EXECUTIVE BREAKDOWN143Public Executives83Private CompaniesNO PART OF THIS MATERIAL MAY BE COPIED,PHOTOCOPIED,OR DUPLICATEDIN ANY FORM BY ANYMEANS OR REDISTRIBUTEDWITHOUTTHE PRIOR CONSENTOF LA
24、ZARDLAZARD 2022G L O B A L B I O P H A R M A C E U T I C A L L E A D E R S S T U D Y 2 0 2 3Executive Summary3Lazard Global Biopharmaceutical Leaders 2023 Study(contd)Central Findings:1.While public market valuations for biopharma companies are expected toremain stable,biopharmaceutical equity marke
25、ts are unlikely to recover tonormalized,sustainable levels before 2024.Many expect a recovery tooccur in the second half of 2024 or beyond,catalyzed by an improvedmacroeconomic outlook,higher levels of M&A and meaningful datacatalysts.While innovation is expected to remain the same or increase inthe
26、 next cycle,access to capital and company formation are expected to belower.2.The IRA is here to stay,with minimal to no changes to the current drugpricing provisions in the next three years.The IRA is expected to have awide-ranging and significant impact on the development of innovative drugs,inclu
27、ding increased clinical development of drugs subject to the BLApathway and those that target populations and diseases subject tocommercialreimbursement,anddelayeddruglaunchesforsmallerindications,among others.It is also anticipated to reduce patient access todrugs,decrease commercial reimbursement o
28、f therapeutics,and reducevaluations of biopharma M&A and alliance transactions.3.While large-cap consolidation is expected to remain at the same low level,bolt-on acquisitions and strategic collaborations are expected to increase.The need for growth,ongoing limited access to capital for biotechcompa
29、nies,improvements in seller price expectations,and positive clinicaldata will be important catalysts for rising strategic activity.4.Autoimmune,inflammatory,and fibrotic diseases are the top therapeuticarea priority,followed by rare diseases,solid tumors,and neuroscience.Views on the top innovative
30、modalities remain widely distributed reflectingthe exciting breadth,depth and pace of innovation.Focus has shifted awayfrom gene,cell therapy and protein degradation and more toward precisionmedicine,data analytics,Artificial Intelligence(AI)and Machine Learning(ML),and next-generation antibodies.12
31、34NO PART OF THIS MATERIAL MAY BE COPIED,PHOTOCOPIED,OR DUPLICATEDIN ANY FORM BY ANYMEANS OR REDISTRIBUTEDWITHOUTTHE PRIOR CONSENTOF LAZARDLAZARD 2022G L O B A L B I O P H A R M A C E U T I C A L L E A D E R S S T U D Y 2 0 2 3Executive SummaryWhile public market valuations for biopharma companies a
32、reexpected to remain stable,biopharmaceutical equity marketsare unlikely to recover to normalized,sustainable levels before2024.Many expect a recovery to occur in the second half of2024 or beyond,catalyzed by an improved macroeconomicoutlook,higher levels of M&A and meaningful data catalysts.While i
33、nnovation is expected to remain the same or increase inthe next cycle,access to capital and company formation areexpected to be lower.Expectations for Timing of Biopharma Market RecoveryOnly 10%of biopharmaceutical leaders believe a recovery is alreadyunderway,and only 11%anticipate it will occur in
34、 the second half of 2023.The majority of respondents 62%expect that there will be a publicequity market recovery in 2024,with 39%anticipating that the recovery willoccur in the first half of the year.However,17%of participants anticipate arecovery will not be seen until 2025 or beyond.This view is b
35、roadly consistent across private,small-cap,mid-cap,andlarge-cap biopharmaceutical leaders as well as investors.4Q:What are your expectations for the timing of a biopharma market recovery?10%11%39%23%15%2%Sustained recovery already underwaySecond half of 2023First half of 2024ESecond half of 2024EIn
36、2025EBeyond 2025EOnly 21%of biopharmaceutical leaders believe a recovery is already underway or will occur in the second half of 2023 1NO PART OF THIS MATERIAL MAY BE COPIED,PHOTOCOPIED,OR DUPLICATEDIN ANY FORM BY ANYMEANS OR REDISTRIBUTEDWITHOUTTHE PRIOR CONSENTOF LAZARDLAZARD 2022G L O B A L B I O
37、 P H A R M A C E U T I C A L L E A D E R S S T U D Y 2 0 2 3Executive Summary57%35%8%The sameSomewhat lowerSignificantly lower5Valuation Predictions for the XBI and NBIAt the time the fielding of this Study was concluded,1the SPDR S&PBiotech ETF(XBI)had risen by 5.0%year-to-date and the NASDAQBiotec
38、hnology Index(NBI)had declined by(0.8%)following significantvolatility for each index over the course of the year.Despite the volatility,57%of respondents expect market price levels toremain stable before a biopharmaceutical market recovery occurs.Notably,sentiment has improved among biopharma leade
39、rs relative to last year,when the majority of respondents anticipated continued declines invaluations before a rebound.Investors are somewhat more optimistic about market price levels thancorporate executives,with almost three-quarters of investors 73%anticipating that market price levels will remai
40、n the same ahead of arecovery.While 43%of total respondents anticipate market price levels tobe somewhat or significantly lower,only 27%of investors share this view.Q:What are your expectations for valuations relative to the current XBI and NBI price levels before a biopharma market recovery occurs?
41、57%of respondents expect market price levels to remain stable before a biopharmaceutical market recovery occurs 1Study responses were collected up until July 18,2023.NO PART OF THIS MATERIAL MAY BE COPIED,PHOTOCOPIED,OR DUPLICATEDIN ANY FORM BY ANYMEANS OR REDISTRIBUTEDWITHOUTTHE PRIOR CONSENTOF LAZ
42、ARDLAZARD 2022G L O B A L B I O P H A R M A C E U T I C A L L E A D E R S S T U D Y 2 0 2 3Executive Summary6Market Cycle PredictionsExpectations for biopharmaceutical innovation remain high,with 79%ofbiopharmaceuticalleadersexpectingthesameorhigherlevelsofinnovation during the next market cycle rel
43、ative to pre-downturn 2021levels.In fact,more than a third 34%of respondents anticipate higherlevels of innovation in the next market cycle,compared to approximately aquarter 27%of respondents last year.However,when asked about expectations for their ability to access capitalin the next market cycle
44、 relative to conditions pre-downturn,over two-thirds of respondents 70%state that they expect access to capital tobe lower.These concerns are most acutely felt among investors andleaders of private companies,more than three-quarters of whom expectloweraccesstocapital.Ontheotherhand,45%oflarge-cappha
45、rmaceutical executives expect no change or improved access tocapital in the next market cycle.Confidence about new company formation is also tempered,with 66%ofrespondents expecting lower rates of new company formation during thenext cycle relative to pre-downturn rates.Q:In the next market cycle,do
46、 you expect the following to be higher,lower,or the same relative to pre downturn 2021 levels?34%of respondents anticipate higher levels of innovation in the next market cycle even though 70%expect access to capital to be lowerInnovationAccess to CapitalCompany FormationHigher34%9%4%The Same45%20%30
47、%Lower21%70%66%100%50%0%Note:Totals that appear in output may sum greater or less than 100%due to the rounding of figures to the nearest whole percentage.NO PART OF THIS MATERIAL MAY BE COPIED,PHOTOCOPIED,OR DUPLICATEDIN ANY FORM BY ANYMEANS OR REDISTRIBUTEDWITHOUTTHE PRIOR CONSENTOF LAZARDLAZARD 20
48、22G L O B A L B I O P H A R M A C E U T I C A L L E A D E R S S T U D Y 2 0 2 3Executive Summary7Catalysts for a Biopharma Market RecoveryA significant majority of respondents 70%believe that an improvedmacroeconomic outlook,including normalized inflation and a better globalgrowth outlook,will be th
49、e most important catalyst for a sustained recoveryin biopharma market conditions.Notably,80%of investors view this as thetop factor.This key driver is closely followed by high levels of M&A and businessdevelopment activity(63%),improved equity market conditions(60%),andmeaningful positive data catal
50、ysts(58%).These views are generallyconsistent with respondents views in 2022.Notably,executives from private and public companies have somewhatdiffering views on the relative importance of various drivers of a marketrecovery.Private company executives prioritize overall equity marketenvironment(e.g.
51、,decrease in volatility,opening of IPO window)as keydrivers of a recovery with 73%citing this catalyst versus 52%of publicmarket executives.On the other hand,71%of public company executivesview an increase in M&A as a key catalyst,compared to 52%of privatecompany executives.Large-cap pharmaceutical
52、executives note that reduced policy pressure,such as a rollback of the IRA or easing of pressure on drug pricing inEurope would be particularly important in driving a sustained recovery.Q:Which of the following potential catalysts will be the most important in driving a sustained recovery in the bio
53、pharma market?(Select top three)70%believe that an improved macroeconomic outlook including normalized inflation and a better global growth outlook will be the most important catalyst for a sustained recovery in biopharma market conditions 70%63%60%58%21%21%6%Improved macroeconomic outlook,including
54、 normalizedinflation,and a better outlook on global growthHigher levels of M&A and business development activityImproved equity market environment(e.g.,decrease involatility,opening of IPO window)Meaningful positive data catalystsMeaningfully improved geopolitical situationConsolidation through biot
55、ech MoEs,bankruptcies,and/orreturning capital to shareholdersOtherNO PART OF THIS MATERIAL MAY BE COPIED,PHOTOCOPIED,OR DUPLICATEDIN ANY FORM BY ANYMEANS OR REDISTRIBUTEDWITHOUTTHE PRIOR CONSENTOF LAZARDLAZARD 2022G L O B A L B I O P H A R M A C E U T I C A L L E A D E R S S T U D Y 2 0 2 3Executive
56、 SummaryIRA Drug Pricing Provision ChangesThe majority of respondents 60%anticipate no changes to the IRAsdrug pricing provisions in the next three years or only modest changes thatdo not meaningfully change the impact over this period.This view is particularly shared among public biopharmaceutical
57、companyexecutives,with 65%foreseeing no changes or modest changes,whereasonly 50%of private biopharmaceutical company executives share thisperspective.While in the minority of respondents,those expecting significant changes tothe drug pricing provisions lean more toward a rollback in the provisions,
58、with 24%expecting them to be made meaningfully less challenging forbiopharma companies,or rescinded completely,whereas 14%expect themto be made meaningfully more challenging.Investors are most optimistic,with almost a third 32%expecting rescission or changes that result in ameaningfully less challen
59、ging impact.8The IRA is here to stay,with minimal to no changes to the current drug pricingprovisions in the next three years.The IRA is expected to have a wide-rangingand significant impact on the development of innovative drugs,including increasedclinical development of drugs subject to the BLA pa
60、thway and those that targetpopulations and diseases subject to commercial reimbursement,and delayeddrug launches for smaller indications,among others.It is also anticipated toreducepatientaccesstodrugs,decreasecommercialreimbursementoftherapeutics,and reduce valuations of biopharma M&A and alliance
61、transactions.Q:What changes do you expect in the next three years will be made to the provisions in the IRA relating to drug pricing?60%anticipate no changes to the IRAs drug pricing provisions in the next three years or only modest changes that will not meaningfully change the impact over this peri
62、od 14%51%9%19%5%3%Provisions will be made meaningfully more challenging forbiopharma companiesModest changes in the provisions that,on balance,do notmeaningfully change the impactNo changes to IRA drug pricing provisionsProvisions will be made meaningfully less challenging forbiopharma companiesIRA
63、drug pricing provisions will be rescindedOther2NO PART OF THIS MATERIAL MAY BE COPIED,PHOTOCOPIED,OR DUPLICATEDIN ANY FORM BY ANYMEANS OR REDISTRIBUTEDWITHOUTTHE PRIOR CONSENTOF LAZARDLAZARD 2022G L O B A L B I O P H A R M A C E U T I C A L L E A D E R S S T U D Y 2 0 2 3Executive Summary60%56%49%36
64、%30%29%29%7%4%Will favor development ofdrugs subject to the BLApathwayWill favor development ofdrugs that target populationsand diseases subject tocommercial reimbursementWill cause delays of druglaunches for smallerindicationsWill favor clinicaldevelopment strategies thatallocate risk-capital earli
65、erand conduct trials more inparallelWill favor clinicaldevelopment in biggerbiopharmaceuticalcompanies versus smalleronesWill favor development ofdrugs that target singleorphan diseasesWill favor development offirst-in class versus best-in-class drugsNo impactOther9IRAImpactontheClinicalDevelopmento
66、fInnovative DrugsAs a result of the IRAs drug pricing provisions,themajority of respondents believe drug developmentdecisions by biopharmaceutical leaders in the yearsto come will favor development of drugs subject tothe BLA pathway(60%),and those that targetpatientpopulationsanddiseasessubjecttocom
67、mercial payer reimbursement(56%).Almosthalf of all respondents 49%also believe that theIRA will cause delays of drug launches for smallerindications.A meaningful number of respondents believe thatthe IRA provisions will favor clinical developmentstrategies that allocate more risk-capital earlier inc
68、linical development and conduct clinical trialsmore in parallel(36%);favor clinical development inbiggerbiopharmaceuticalcompaniesversussmaller ones(30%);prioritize development of drugsthat target single orphan diseases(29%);and favordevelopment of first-in-class versus best-in-classdrugs(29%).Large
69、-cap pharmaceutical executives,in particular,are of the view that the IRAs impact will favordevelopment of drugs subject to the BLA pathway(70%)and cause delays in drug launches forsmaller indications(70%).However,only 35%oflarge-cap pharmaceutical executives believe that asignificantIRAimpactwillbe
70、ashifttothedevelopment of drugs that target populations anddiseasessubject to commercialreimbursementversus 56%overall.Notably,only 7%of respondents believe that theIRA will have no impact on the clinical developmentof innovative drugs.Q:What do you expect will be the most significant impact of the
71、IRA on clinical development of innovative drugs?(Select top three)Only7%of respondents believe the IRA will have no significant impact on the clinical development of innovative drugsNO PART OF THIS MATERIAL MAY BE COPIED,PHOTOCOPIED,OR DUPLICATEDIN ANY FORM BY ANYMEANS OR REDISTRIBUTEDWITHOUTTHE PRI
72、OR CONSENTOF LAZARDLAZARD 2022G L O B A L B I O P H A R M A C E U T I C A L L E A D E R S S T U D Y 2 0 2 3Executive Summary10IRA Impact on the Commercial and Strategic LandscapeOver half of respondents 52%expect that the IRA will cause adecrease in patient access to drugs.Large-cap pharmaceutical l
73、eadersare most pessimistic about this effect,with 80%expecting patient accessto drugs to decrease somewhat or significantly.A majority of participants 65%also anticipate that the IRA will causecommercial reimbursement of therapeutics to decrease.Notably,78%ofinvestors expect this outcome.Biopharmace
74、utical leaders are evenly divided about the impact of IRApricing provisions on the number of biopharma M&A and alliancetransactions.Approximately one-third of respondents expect an increasein transaction activity,with similar proportions expecting either a decreaseor no change in transaction activit
75、y.There are strong views among biopharmaceutical leaders,however,thatthe IRA will cause a reduction in valuation of biopharma M&A and alliancetransactions.Approximately two-thirds of all respondents expect valuationsto decrease somewhat or significantly relative to pre-IRA valuations.Large-cap pharm
76、a executives hold this view more widely,with 75%expecting valuations of M&A and alliance transactions to decreasesomewhat or significantly.53%of respondents expect that the IRA will cause a decrease in patient access to drugs Patient Access to DrugsCommercial Reimbursementof TherapeuticsNumber of Bi
77、opharma M&A/Alliance TransactionsValuation of Biopharma M&A/Alliance TransactionsSignificantly increase1%1%3%0%Somewhat increase21%7%31%10%No change26%27%33%23%Somewhat decrease39%53%28%57%Significantly decrease13%12%5%9%100%50%0%Q:What impact will the IRA have on the following?Note:Totals that appe
78、ar in output may sum greater or less than 100%due to the rounding of figures to the nearest whole percentage.NO PART OF THIS MATERIAL MAY BE COPIED,PHOTOCOPIED,OR DUPLICATEDIN ANY FORM BY ANYMEANS OR REDISTRIBUTEDWITHOUTTHE PRIOR CONSENTOF LAZARDLAZARD 2022G L O B A L B I O P H A R M A C E U T I C A
79、 L L E A D E R S S T U D Y 2 0 2 3Executive SummaryTrends for M&A and AlliancesA significant majority of biopharmaceutical leaders 90%believe thatlarge-cap consolidation will remain at the same prevailing low level for thebalance of 2023 relative to the past six months,or will be even lower.However,
80、a significant majority 72%expect bolt-on acquisition activityto be higher,while 71%expect strategic alliance activity to increase.That said,views between potential buyers and sellers diverge somewhatabout expectations for bolt-on acquisition and strategic alliance activity.While 70%of private biotec
81、h and 78%of small-cap biotech executivesexpectbolt-onacquisitionstoincrease,only55%oflarge-cappharmaceutical executives do so.Similarly,while 77%of private biotechand 70%of small-cap biotech executives expect strategic alliances toincrease,only 55%of large-cap pharmaceutical executives do so.11While
82、 large-cap consolidation is expected to remain at the same low level,bolt-onacquisitions and strategic collaborations are expected to increase.The need forgrowth,ongoing limited access to capital for biotech companies,improvements inseller price expectations,and positive clinical data will be import
83、ant catalysts forrising strategic activity.Q:What do you expect the level of corporate development activity will be for the balance of 2023 relative to the past six months?72%expect bolt-on acquisition activity to be higher through the balance of 2023Large Cap ConsolidationBolt-On AcquisitionsStrate
84、gic Alliances/LicensingSignificantly higher0%11%11%Somewhat higher10%61%60%Stay same58%21%24%Somewhat lower21%6%5%Significantly lower10%1%0%100%50%0%3Note:Totals that appear in output may sum greater or less than 100%due to the rounding of figures to the nearest whole percentage.NO PART OF THIS MATE
85、RIAL MAY BE COPIED,PHOTOCOPIED,OR DUPLICATEDIN ANY FORM BY ANYMEANS OR REDISTRIBUTEDWITHOUTTHE PRIOR CONSENTOF LAZARDLAZARD 2022G L O B A L B I O P H A R M A C E U T I C A L L E A D E R S S T U D Y 2 0 2 3Executive Summary12Challenges to Executing Deals in the CurrentEnvironmentValue expectations of
86、 biopharma managementand board members is again considered the topbarriertoexecutingdealsinthecurrentenvironment,with69%ofrespondentshighlighting this as a top challenge.Other keychallenges include antitrust uncertainty(40%)andpricingand reimbursement uncertainty(40%).Notably,the concern about anti-
87、trust uncertaintyhas increased from 20%in last years Study.Large-cappharmaceuticalexecutivesareparticularly concerned with anti-trust uncertainty(70%),value expectations(55%),the scarcity ofattractive counterparties(65%),and the impact oftransactions on R&D budgets and the P&L(40%).Large-cap pharmac
88、eutical executives focus onanti-trust uncertainty has increased significantlysince last years Study,when 50%of them citedthis as a top factor.Privatebiotechcompanyexecutivesareparticularly focused on value expectations(78%),pricing and reimbursement uncertainty(51%),andaccess to capital to finance t
89、ransactions(43%).Investorsarefocusedonvalueexpectations(66%),anti-trust uncertainty(49%)and the impactof transactions on R&D budgets and the P&L(46%).Q:What are the top three challenges to executing deals in the current environment?(Select top three)69%40%40%34%32%31%22%19%9%3%Value expectations of
90、biotechmanagement and boardmembersAnti-trust uncertaintyPricing and reimbursementuncertaintyScarcity of attractivecounterpartiesAccess to capital to financetransactionsImpact of transaction on R&Dbudgets/P&LStock price volatilityFDA regulatory uncertaintyBreadth of woninternal pipelineOther70%of lar
91、ge-cap pharmaceutical executives cited antitrust uncertainty as a key challenge to executing deals NO PART OF THIS MATERIAL MAY BE COPIED,PHOTOCOPIED,OR DUPLICATEDIN ANY FORM BY ANYMEANS OR REDISTRIBUTEDWITHOUTTHE PRIOR CONSENTOF LAZARDLAZARD 2022G L O B A L B I O P H A R M A C E U T I C A L L E A D
92、 E R S S T U D Y 2 0 2 3Executive Summary58%47%46%45%38%21%18%15%6%5%1%Need for growthOngoing limited access tocapital for biotech companiesReasonable price levelsand value expectationsPositive clinical data fromspecific biotech companiesNeed for innovationNeed to diversify/strengthen competitive po
93、sitionConfidence in the sustainabilityof the economic reboundMore clarity on the viability ofM&A from an anti-trust perspectiveReduced stock price volatilityOngoing or increased pricingand reimbursement pressureOther13Catalysts for Greater Biopharma ActivityThe majority of respondents 58%believe tha
94、t the need for growth will drive greaterbiopharmaceutical M&A activity,which is in line with last years figure of 55%.Another key factor required to drive more biopharma M&A activity is ongoing limited access tocapital for biotech companies(47%),a significant increase from last year when only 18%ofr
95、espondents cited this as a top factor.These factors are followed by reasonable price levels and value expectations(46%),which isdown from to 62%last year.Positive clinical data from specific biotech companies(45%)and theneed for innovation(38%)are also cited as key catalysts of M&A activity.Large-ca
96、p pharmaceutical executives are particularly focused on innovation as a top factor thisyear(65%)compared with 38%of respondents overall this year and 40%of large-cappharmaceutical executives in last years Study.Q:What are the top three factors that will catalyze greater M&A activity in the healthcar
97、e sector?(Select top three)65%of large-cap pharmaceutical executives believe ongoing limited access to capital for biotech companies will drive M&A activity in the next year NO PART OF THIS MATERIAL MAY BE COPIED,PHOTOCOPIED,OR DUPLICATEDIN ANY FORM BY ANYMEANS OR REDISTRIBUTEDWITHOUTTHE PRIOR CONSE
98、NTOF LAZARDLAZARD 2022G L O B A L B I O P H A R M A C E U T I C A L L E A D E R S S T U D Y 2 0 2 3Executive Summary57%44%42%40%22%16%16%12%9%9%7%7%5%4%4%3%1%Autoimmune/Inflammation/FibrosisRare DiseasesSolid TumorsNeuroscienceMalignant HematologyCardiovascularDiabetes/EndocrinologyGastrointestinalR
99、espiratoryOtherOphthalmologyVaccinesDermatologyAntiviralNon-Malignant HematologyAnti-bacterialAnti-fungal14Autoimmune,inflammatory,and fibrotic diseases are the top therapeutic area priority,followed by rare diseases,solid tumors,and neuroscience.Views on the top innovativemodalities remain widely d
100、istributed reflecting the exciting breadth,depth and pace ofinnovation.Focus has shifted away from gene,cell therapy and protein degradation andmore toward precision medicine,data analytics,Artificial Intelligence(AI)and MachineLearning(ML),and next-generation antibodies.Therapeutic Area PrioritiesF
101、or the first time,autoimmune,inflammatory and fibrotic diseases are cited as the top therapeutic areapriorities(57%),up from 42%last year.These are followed by rare diseases(44%),solid tumors(42%),and neuroscience(40%).Solid tumors are down from the leading therapeutic priority last year(53%),while
102、rare diseases and neuroscience are in line.Large-cap pharmaceutical executives are relatively more focused on autoimmune,inflammation andfibrosis(70%),solid tumors(60%),malignant hematology(30%)and cardiovascular(25%),and relativelyless focused on rare diseases(30%).Investors are more focused on rar
103、e diseases(41%)and relatively less so on solid tumors(39%)compared to large-cap pharmaceutical executives.Investors tend to prioritize diabetes/endocrinology(24%)more than large-cap pharmaceutical executives(10%),and prioritize cardiovascular at a similarlevel(24%).Private biotechnology leaders are
104、particularly focused on neuroscience,with almost half citing it as a toppriority,while small-cap public biotech leaders are highly focused on rare diseases(55%).Q:What are your top three therapeutic area priorities for the next 12 months?(Select top three)457%of leaders cited autoimmune,inflammatory
105、 and fibrotic diseases as the top therapeutic area priority NO PART OF THIS MATERIAL MAY BE COPIED,PHOTOCOPIED,OR DUPLICATEDIN ANY FORM BY ANYMEANS OR REDISTRIBUTEDWITHOUTTHE PRIOR CONSENTOF LAZARDLAZARD 2022G L O B A L B I O P H A R M A C E U T I C A L L E A D E R S S T U D Y 2 0 2 3Executive Summa
106、ryTop Innovative,Disruptive TechnologiesAgain,the wide distribution of views on topinnovative,disruptive technologies calls attentionto the remarkable breadth,depth and pace ofinnovationacrossawiderangeofnoveltechnologies.Precision medicine narrowly leads as the toppriority(37%,up from 30%last year)
107、.It is closelyfollowed by RNA approaches(34%,in line withlast year),Data Analytics,AI and ML(34%,upsignificantlyfrom24%lastyear),andnext-generation antibodies(31%,up somewhat from27%last year).Also featured prominently are immuno-oncology,gene editing and antibody drug conjugates,eachhaving about on
108、e-quarter of respondents citingthem as a top priority.Notably,immuno-oncologyis down somewhat from last year(from 28%to25%),gene editing is in-line,while antibody drugconjugates are up somewhat(from 21%last yearto 24%).Certain other technologies are cited relatively lessthanlastyear,includingprotein
109、degradation(down from 26%last year to 18%),cell therapy(down significantly from 25%last year to 15%),and gene therapy(down from 21%last year to13%).Large-cappharmaceuticalexecutivesareparticularly focused on data analytics,AI and ML(45%),next-generation antibodies(40%),antibodydrug conjugates(35%)an
110、d relatively less onfocused gene editing(15%).Investorsaremorefocusedonradiopharmaceuticals(34%)and geneediting(27%),and less on immuno-oncology(10%)andprecision medicine(22%).15Q:What are your top three innovative,disruptive technological priorities for the next 12 months?(Select top three)37%34%34
111、%31%25%24%24%18%15%13%9%9%6%6%5%5%4%Precision MedicineRNA approachesData Analytics,AI&Machine LearningNext-Gen Antibodies(e.g.,Bispecifics)Immuno-OncologyGene EditingAntibody Drug ConjugatesProtein DegradationCell TherapyGene TherapyRadiopharmaceuticalsOtherOther vaccine technologiesDNA Damage Repai
112、rMicrobiome ScienceEpigeneticsOncolytic Viruses37%of leaders cited precision medicine as the top priorityNO PART OF THIS MATERIAL MAY BE COPIED,PHOTOCOPIED,OR DUPLICATEDIN ANY FORM BY ANYMEANS OR REDISTRIBUTEDWITHOUTTHE PRIOR CONSENTOF LAZARDLAZARD 2022G L O B A L B I O P H A R M A C E U T I C A L L
113、 E A D E R S S T U D Y 2 0 2 3Executive Summary16ContactDavid GluckmanVice Chairman of Investment Banking and Global Head of HealthcareDavid.GluckmanLNew YorkStephen SandsVice Chairman of Investment Banking and Global Chairman of HealthcareStephen.SandsLNew YorkRick Aldridge,Managing DirectorRick.Al
114、dridgeLBostonMedha Chadha,Managing DirectorMedha.ChadhaLNew YorkAjay Dhankhar,Managing DirectorGlobal Head of Medical Technology,Diagnostics and ToolsAjay.DhankharLNew YorkGuillaume de Frminet,Managing DirectorGuillaume.de.FreminetLParisVictor Kastensson,Managing DirectorHead of Investment Banking,N
115、ordic RegionVictor.KastenssonLStockholmMichael Kingston,Managing DirectorHead of North American Life SciencesMichael.KingstonLSan FranciscoGuillaume Molinier,Managing DirectorCo-Head of European HealthcareGuillaume.MolinierLParisPrasad Parmeshwaran,Managing DirectorPrasad.ParmeshwaranLSan FranciscoD
116、ale Raine,Managing DirectorCo-Head of European Healthcare Dale.RaineLLondonRahul Rekhi,Managing DirectorRahul.RekhiLNew YorkFrdrik Rothenburger,Managing DirectorFrederik.RothenburgerLParisJason Schoenholtz,Managing DirectorJason.SchoenholtzLNew YorkEric Stewart,Managing Director,Eric.StewartLLondonJ
117、ulian Temple,Managing DirectorJulian.TempleLNew YorkMichael Wiggins,Managing DirectorHead of Private Market Advisory,HealthcareMichael.WigginsLChicagoIan Wijaya,Managing DirectorHead of North American Healthcare ServicesIan.WijayaLNew YorkJames Hay,DirectorJames.HayLLondonMichael Lefferts,DirectorMi
118、chael.LeffertsLNew YorkLo Scher,DirectorLeo.ScherLLondonMatthew Schorr,DirectorMatthew.SchorrLNew YorkSid Varshney,DirectorSid.VarshneyLSan FranciscoPaul Wang,DirectorPaul.WangLSan FranciscoAlexandra Bashner,Vice PresidentAlexandra.BashnerLNew YorkKatherine Bedkowski,Vice PresidentKatherine.Bedkowsk
119、iLLondonAhmed Bensouda,Vice PresidentAhmed.BensoudaLParisJean-Eric Castelli,Vice PresidentJean-Eric.CParisDerek Chait,Vice PresidentDerek.ChaitLNew YorkOliver Dean,Vice PresidentOliver.DeanLNew YorkMythili Iyer,Vice PresidentMythili.IyerLSan FranciscoDaniel Klodor,Vice PresidentDaniel.KlodorLChicagoMartin Mo,Vice PresidentMartin.MoLSan Francisco Josh Tan,Vice PresidentJosh.TanLNew YorkAlfonso Torres,Vice PresidentAlfonso.TorresLNew York Nathan Weiss,Vice PresidentNathan.WeissLNew York