A few highlights from October: 

• September M&A activity picked up in October, with continued focus on earlier stage (Phase 2 and earlier) transactions, a theme that has remained constant with the start of the year
• Licensing activity was also robust with 26 deals announced in October, a 73% increase from last month
• IPOs continue to price at the high end of the range and trade up with follow-on activity slowing slightly although remaining constructive
• The private financing market remains open with 18 deals announced raising an aggregate of $1.24 billion vs. $445 million last month
• Starboard’s activist campaign against Pfizer represents the second campaign by an activist investor against a large pharma in the past 5 years (GSK/Elliot)
• Earnings season, currently underway, should provide investors with line of sight into full year 2024 as well as 2025 growth