Key highlights from February:

• Overall, the sector is down YTD except for large-cap pharma (up 8.1%) implying a flight to safety with a focus on diversification, revenue and cash flow within the broader LS landscape
• The M&A market remains quiet with 5 M&A deals announced (two above $1bn in value) vs. 6 M&A transactions announced in January
• Licensing transactions continue to remain robust although down from last month (16 announced deals in February vs 34 announced in January)
• 2 priced IPOs in February with 7 currently on file publicly
• Follow-on market activity softened with 11 priced deals in February raising an aggregate of $1bn although at a file-to-offer discount of (17.9%) vs (8.0%) in January
• Private financings have also slowed with 8 deals announced in February vs 19 in January