A few highlights from November:

• On the political front we have a new President-elect, that the markets seemed to like, as the Dow and NASDAQ were up 3.6% and 3.0%, respectively on the news
• While too early to tell which Cabinet picks will eventually make it through confirmation, the key ones potentially affecting our industry is Robert F. Kennedy Jr. for HHS, Martin Makary for FDA and Mehmet Oz for CMS
• Despite a quiet month for M&A (3 announcements vs 6 in October), licensing activity remains robust with 21 announced deals in November, 5 of which had total deal values greater than $1bn
• IPOs continue to be sporadic with no priced deals in November
• The secondary market remains constructive with 13 priced deals raising an aggregate of $1.4bn; file-to-offer discounts narrowed slightly in November at (5.2%) vs. (8.8%) for October