J.P. Morgan Day One： Biopharma Braces For Headwinds Ahead.pdf

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1、This copy is for your personal,non-commercial use.For high-quality copies or electronic reprints for distribution to colleagues or customers,pleasecall+44(0)20 3377 3183Printed ByEisai/Biogens Leqembi Will Launch Below Aduhelm At$26,500 PerYearJ.P.Morgan Day One:Biopharma Braces For Headwinds Aheadb

2、y SExecutive SummaryDaily notebook from the J.P.Morgan Healthcare Conference:Turbulent weather matches sentiment about the year ahead,with investors looking for reassurance onthe IRA,deal-making and growth strategy from big pharma.Updates from J&J,Biogen,BMS,Merck and more.J&J Didnt Really Want Hori

3、zonJohnson&Johnson CEO Joaquin Duato took time during the?rms 9 January J.P.Morgan Healthcare Conference presentation in the Westin Grand Ballroom to clarifythat the company wasnt interested in acquiring Horizon Therapeutics plc,even though J&J was named in a press release as one of several drug mak

4、ers pursuing thecompany in December.Amgen,Inc.ultimately sealed a deal to buy Horizon for$27.8bn.(Also see Amgen To Enhance Rare Disease Franchise With$27.8bn HorizonTakeover-Scrip,12 Dec,2022.)I think its important for investors to understand that Horizon Therapeutics was not a company that was in

5、the sweet spot of our strategic criteria,he said.J&J was named as a potential acquirer because of certain takeover disclosure regulations,he said.I want to explain to you what we did there.We attended a marketpresentation,he said.Now,after attending the market presentation,we subsequently decided th

6、at the acquisition did not meet our strategic criteria,and as aconsequence,we never entered into diligence,never put in a bid for Horizon Therapeutics.The CEO sought to clarify the companys current thinking on M&A,which he said remains focused mainly on early-to mid-stage deals.J&Js most successfulb