Emily Field: Large pharma companies are going to continue looking at biotech

• Healthcare is the second-best performing S&P 500 sector in Q3, with biotech driving gains.
• M&A activity is a major theme, as large pharma companies are actively seeking to supplement their portfolios through acquisitions.
• Capital markets are open for biotech, and real innovation, such as recent cancer vaccine data from Moderna and Merck, is fueling investor excitement.

Emily Field from Barclays discusses the strong performance of the healthcare sector, particularly biotech, in Q3. She attributes this to a resurgence in M&A activity by large pharma looking to replenish pipelines, reopened capital markets for biotech companies, and significant innovation in promising drug pipelines like cancer vaccines.