A few highlights from September: 

• September was a quiet month for both M&A and licensing transactions with only 2 M&A and 15 licensing transactions announced vs 4 M&A and 40 licensing transactions announced September of last year (2023)
• Several IPOs priced, at either the high or near the high-end of the range and traded up greater than 20% on average – although too early to call this a trend – current backlog of 5 IPOs on file
• Follow-on market has remained constructive with 15 priced transactions raising $4.4bn in the aggregate at an average file-to-offer discount of (7.2%)
• Cobenfy approval represents the first new schizophrenia drug approved in decades while CB1 continues to be a difficult target in obesity
• U.S. House of Representatives reauthorized the rare pediatric priority review voucher program through 2029