Global Biotech Outlook 2023

US and EU: Picking Winners in a Defensive Sector

•Bull Run Likely w. Global Recession and Sticky Inflation

•Private Mkt Valuation Resilient thou IPOs Stalled in 2022

•Peaking 10y rate at 4.5% Provides Valuation Floor in 2023

•Groundbreaking New Therapies Attract Investments

•Big Pharma Partnership Continues to Work as Tailwind

China: A Long term Growth Story After COVID

•Growing Need for Healthcare (7% of GDP vs 18% in US)

•Innovation without Borders

•Support by Gov and Cap Mkts

•Targets for Global Partnerships