The year began with significant dealmaking at the J.P. Morgan Healthcare Conference, highlighting interest in antibody-drug conjugates (ADCs) and obesity medicines. The IPO market opened for several biopharma companies, yielding mixed outcomes. Roche emphasized in-house ADC development, while the sector faced a shift in focus towards autoimmune diseases in cell therapies. Biotech bankruptcies reached a decade high in 2023, with 18 companies filing for bankruptcy. Fierce Biotech covered major trends and milestones, including the unveiling of the “Fierce 15” at the NYSE and discussions on GLP-1s with Novo Nordisk’s chief scientific officer.