Biotech M&A on track to have 2nd most active year in history w/ more early stage deals. Nice summary of which funds have benefited from recent M&A from Stifel @TimOpler $XBI $IBB

Bullish biotech report from Stifel. Rates, risk on, M&A picking up & pharma desperate to fill patent cliff w/ $1.2 trillion of firepower, “biotech cleanse” (eg more quality names with late stage data after multi-year purge), specialist funds recovered, generalists coming back $XBI $IBB