Pharmaceutical groups have room of maneuvering to make biotech acquisitions work despite a rebound in valuations of biotech companies, according to Ipsen's Chief Business Officer Philippe Lopes-Fernandes. "Things are a bit more expensive than three years ago. But, on the other side, if you address the deals in the right way, you can you can still get good value and this good value is also creating more money for funds to reinvest in early innovation," Lopes-Fernandes says. "I don't think that there's therapeutic area that is overvalued, there are still tremendous unmet needs." The Nasdaq Biotechnology index is up 19% since the start of 2026, and up 55% compared with a year ago. (adria.calatayud@wsj.com)