Early-stage biopharma: An opportunity for strategic investment

The biotech public market has dramatically outperformed the S&P500 index over the past two decades. Biotech returns have continued to increase for both public and private companies over the years. A growing majority of the approved drugs commercialized by large pharma companies are externally sourced through licensing and M&A deals with smaller biotech companies and start-ups. The rapid reactivity of the industry to address the Covid-19 pandemic has further enhanced investor confidence in this industry. As a result, historic amounts of capital have been deployed into the sector over the ...