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The long development cycles in biotech are a bit of a boon in these tumultuous times, a new report from EY posits.

The Trump presidency’s threats to science funding and views on health reform, Brexit, and public scrutiny on pricing have all cast uncertainty on the capital markets in the U.S. and Europe. And research and development productivity is worrisome. The result: Revenue growth for the public biotech companies faltered last year, and net income plummeted. However, valuations have been brought back down to Earth, which encourages M&A.

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