Home Medicine STAT+: ‘Maintaining on through its fingernails.’ The biotech trade in Massachusetts braces...

STAT+: ‘Maintaining on through its fingernails.’ The biotech trade in Massachusetts braces for any other difficult 12 months

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It’s onerous to overstate the Boston biotechnology trade’s astronomical expansion, which has overflowed from its longtime stronghold of Kendall Sq. in Cambridge into the Fenway, Seaport, and surrounding suburbs. However through most money measures, 2022 was once a horrible, terrible, no-good 12 months for biotech — right here and in every single place else.

When compared with a record-busting 2021, personal price range to finance expansion had been more difficult to return through around the trade closing 12 months. The scale and scope of acquisitions had been modest. And a brand new federal regulation to battle top drug costs despatched a kick back down the trade’s backbone. Biotech shares fell 26% all through 2022 in keeping with one benchmark of the trade — the trade traded fund XBI — and are down 48% since their all-time top in February 2021, considerably worse than the wider marketplace.

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