JP Morgan saw key M&A activity, new approaches from key UK pharma, a buzz about cell and gene therapy and concerns about the ongoing impact of the US Government shutdown. I’ve written a short blog on my perspective here.
On Brexit, the vote tomorrow is a key watershed, but for our sector we expect ongoing detail from the government on no-deal contingencies. We will focus our analytical and briefing capability on providing members with actionable information, in what is a very uncertain political context.
Key M&As set a positive tone for JPM 2019, as the sector shrugged off US stock market setbacks at the end of 2018. First out of the blocks were GSK taking Tesaro in a £3.8bn deal (announced before the conference) and since ringing in the new year we’ve seen Takeda complete their acquisition of Shire, Bristol-Myers Squibb acquire Celgene in a record breaking £70bn deal and Eli Lilly purchase Loxo Oncology for £6.24bn. These large pharma deals show desire for a strategic pipeline and prove the inherent value of biotech as a driver of innovation. More than half of new drugs registered in the coming years are expected to be made by small companies which large players may then look to add to their portfolio. The outlook for M&As looks strong and venture are keen to put money to work knowing the
The BIA welcomes the announcement of Nicola Blackwood as new Parliamentary Under-Secretary of State for Health.
BIA CEO, Steve Bates OBE, said: “As a former health minister and former chair of the science and technology committee, and serving as a board member of Eagle Genomics, Nicola knows our sector well and is well-placed to hit the ground running. We had a strong relationship with Nicola when she was minister for health, and we look forward to working with her to ensure the UK stays a world-leader in the life sciences.”
Happy New Year everyone. I write this on my way to San Francisco to start the year at the JP Morgan conference. This look ahead to 2019 summarises my key themes for the year and closes with a quick summary of UK news that came out over the holiday period.
Today the Health Secretary Matt Hancock has written to pharmaceutical companies to update them on progress made on human medicines supply in March 2019 “no deal scenario” with some updates to the Government planning assumptions.
With a Brexit deal signed between the EU and the UK at the weekend, we’ll be distributing our Brexit briefing on what it means for our sector to members tomorrow. We’ll follow that with our monthly Brexit webinar this Friday where myself and Laura Collister will put the deal in its political context, analyse the next stage of parliamentary ratification and endeavour to answer your questions.
Brexit continues to dominate the headlines and last week we welcomed the progress on Brexit discussions as we saw initial agreement between the EU and UK on a withdrawal agreement and the political agreement on the outline of a future relationship.
A coalition from the UK’s health sector say Brexit negotiators have a responsibility to protect 500 million patients on both sides of the Channel. The group is calling on both sides to make patients and public health central to the Political Declaration for the future relationship between the UK and the EU.
In response to the announcement that UK Cabinet has approved the draft Brexit deal, BIA CEO, Steve Bates, said: "We welcome this week's progress on Brexit discussions with the initial agreement between the EU and UK on a withdrawal agreement and the political agreement on the outline of a future relationship. The BIA will now monitor and inform its members of the political debate that will ensue in the finely balanced UK parliament. There is significant detail to digest and we are engaging with members and others to understand the implications of the deal for the life sciences sector, and plan to produce a detailed briefing on this next week.
This week I am in China with a number of BIA members. This trip is the centrepiece of the BIA’s ramp up of engagement East in 2018. Building on our China Special Interest Group we are seeking to increase the number of UK biotech companies collaborating with, generating revenue from, and receiving investment from the Chinese market. In Hong Kong I am exploring how we can jointly build the life science analytical capability needed for global liquidity - and make dual listing - or similar - a practical reality for UK companies seeking investment there.