1、Evaluate Vantage2023 PreviewBy Amy Brown,Edwin Elmhirst and Joanne Fagg|DECEMBER 20222 Evaluate Vantage 2023 Preview Copyright 2022 Evaluate Ltd.All rights reserved.ContentsFOREWORD 3INNOVATION AND REGULATION 4MONEY MARKETS AND M&A 10CLINICAL CATALYSTS IN 2023 163 Evaluate Vantage 2023 Preview Copyr

2、ight 2022 Evaluate Ltd.All rights reserved.ForewordAfter the market downturn of 2021,2022 brought little respite to beaten-up biopharma companies.There are some hopes for an improvement in conditions in 2023,though few are expecting a dramatic recovery.This is partly because the era of cheap money i

3、s over.As interest rates rise,the high-stakes world of drug development offers the sort of gambles that many investors no longer need to take.At the same time,the rising cost of capital only makes life more expensive for cash-burning biopharma groups.For those in need of funds,the start of 2023 is l

4、ikely to be tough.Many believe an improvement towards the end of the year to be the best-case scenario.Others are bracing for a more protracted slump,caused by global instability and entrenched inflation that is dampening economic growth around the world.This backdrop should emphasise the so-called“

5、safe haven”attributes of the more established end of the pharmaceutical sector.This means that larger developers could do well next year,particularly if the threat of Zantac litigation continues to fade.Still,several big pharma names are under pressure to fill looming revenue gaps,and the strategic

6、direction and leadership of companies like GSK and Sanofi will be hot topics.Acquirers will be keen to make the most of compressed valuations in 2023,and opportunistic moves will surely abound.The question of whether bigger deals might occur was answered as this report went to press,with Amgens$28bn