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Newly optimistic, biotech investors weigh lessons of sector’s downturn

January 11, 2024


The J.P. Morgan Healthcare Conference, a yearly temperature taker for the biotechnology industry, had a different feel in 2024.

For the first time in awhile, young drugmakers and their backers were optimistic the sector’s downturn might finally be over. An improving macroeconomic picture, combined with a recent run of dealmaking, has led many to hope investors may again see biotech as a worthy bet.

“This event is always the canary in the coal mine for the year,” said Andreesen Horowitz general partner Jorge Conde. “This year, we have a happy canary.”

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