Oncology Investment Themes: Where is the Market Putting its Money?

Across therapeutic areas, oncology is richest in depth of pipeline and variety of potential modalities/mechanisms of action. Of nearly 200 different products in Phase 3 alone, small molecules are now in the minority (45%). Emerging modalities, such as antibody-drug conjugates, cell therapies, oncolytic viruses, cancer vaccines, and radiopharmaceuticals now make up 15% of the Phase 3 pipeline. But where is financial investment into the oncology pipeline going, and how does it differ between venture funding, M&A/licensing, and IPOs? As recently as 2019, all M&A in oncology was for small molecules or monoclonal antibodies. However, over the past 24 months, 50% of biotech acquisitions were in cell therapy, antibody-drug conjugates, radiopharmaceuticals, or cancer vaccines. Using industry pipeline and deal data from the past five years, panelists will take an in-depth look at the financing and deals environment in the oncology drug market to understand past trends and discuss where the industry may be heading.