Biopharma markets stabilize after major drops in 3Q 2015 and 1Q 2016, with potential momentum to the upside in 4Q 2016 and 2017. IPOs have declined to the lowest level in two years, both in terms of the number of completed offerings and the amount of capital raised. Recent performance has improved, however many 2015 IPOs are still trading significantly below IPO price, hampering ability to raise capital.
We also anticipate that public markets have room for upside following the election. After peak dealmaking in 2014and 2015, 2016 YTD has been robust and based on historicals we project 47 deals in Q4 (est. 150 total, $77.9B) .
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