Skip to content
Subscriber Only

Bank of America’s ‘Mega M&A’ Unlikely Call Got Sucker Punched by Bristol Deal

Updated on

“Mega M&A unlikely.” So wrote Bank of America Merrill Lynch pharmaceutical analyst Jason Gerberry shortly before the announcement of the largest deal for the sector in history.

In December, Goldman Sachs’s small to mid-cap biotech analyst Paul Choi also said he didn’t expect a flood of M&A deals in 2019 but an uptick “would be the biggest boost to investor sentiment.” The set up was growing “increasingly attractive” as cash piled up with potential buyers and biotech valuations slid.