Macro
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| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|
| +0.04 | +0.10 | +0.10 | +0.00 | -0.10 | +0.09 | +0.00 | +0.00 | +0.00 | +0.10 | +0.10 | +0.10 |
Medicare-for-All fear during the Democratic primary crushed insurers and hospitals mid-year, while pharma stayed steady; the fear eased in the autumn as moderate Biden rose over Warren.
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Bristol-Myers Squibb is acquiring Celgene in a $74 billion cash-and-stock transaction, creating a combined oncology-focused pharmaceutical giant amid investor skepticism and a significant increase in debt. The deal aims to bolster Bristol's declining immuno-oncology portfolio and address Celgene's looming patent expirations, particularly for Revlimid. Market reaction was mixed, with Bristol's shares falling 12% and credit default swaps spiking, reflecting concerns over valuation and long-term growth prospects.
AbbVie is acquiring Allergan in a $63 billion cash-and-stock deal to reduce reliance on its flagship drug Humira and gain scale in new therapeutic areas like aesthetics and neuroscience. The transaction is expected to be immediately accretive, enhancing AbbVie’s growth platform while maintaining its U.S. headquarters and leadership structure.