Biopharma markets stabilized in the second quarter of 2016 despite continued global volatility that drove significant declines in the first quarter. Flat markets made investors increasingly selective and limited IPO prospects to companies with significant amounts of insider support.

Similarly, strategic licensing and M&A volume remained low following high activity during 2015, requiring active deal makers to focus on integration of recently acquired programs. We anticipate the flat performance of Q2 2016 to continue into the third quarter. Continued global uncertainty and the upcoming US election may keep public biopharma indices, private and public financings, and strategic transactions stable and at lower relative volume.

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