BioPharma Dive September 19, 2024
Industry insiders hope the Fed’s decision to cut rates for the first time in years will open up what’s been a restrictive funding environment for early-stage drugmakers.
The biotechnology sector got what many in the industry expect will be substantial lift Wednesday when the Federal Reserve lowered interest rates for the first time in more than four years.
After a two-day meeting, the Fed cut its benchmark interest rate by half a percentage point. While the Fed’s target, at 4.75% to 5%, remains near 15-year highs, the move could spur investment in biotech companies, which are typically seen as the kind of risky bet investors tend to disfavor when interest rates are elevated.
The decision largely matched Wall Street...
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