Biotech is cheap but no one's buying

If yours is the unenviable task of listening to pharma earnings calls, you know that CEOs love saying that while they’re interested in buying biotech companies, biotech companies are always overpriced. So it stands to reason that, with biotech valuations having recently plummeted, a bunch of deals stand to be done.

But, as STAT’s Adam Feuerstein explains, reason doesn’t have much of a place in the current market. Pharma CEOs might be pleased about depressed biotech valuations, but biotech CEOs are likely to insist that their companies deserve top dollar regardless of the market. And that fundamental disconnect has created an M&A standoff.

Read more.