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Market Update for Week of October 3, 2025
The Week at a Glance:
Equities Rose Despite the Government Shutdown: Major indices were up an average of 1.2% in spite of the government shutdown and the delay in releasing September jobs report
The Art of the Pfizer Deal: Pfizer struck a deal with the Trump administration to cut Medicaid US drug prices — offering major consumer discounts and “most-favored-nation” pricing in exchange for tariff waivers and expanded US manufacturing investments
Biopharma Is So Back (Again?): Both the NBI and NYSE Pharma Index significantly outperformed the broader market last week as the Pfizer-Trump deal sparked a rally as investors perceived it as a sign of more favorable drug-pricing deals for biopharma companies to come
The Multispecific Moment Sees a Multi-Billion Dollar Deal: Genmab announced an $8B all-cash acquisition of Merus, gaining full ownership of the biotech’s lead asset petosemtamab, a Phase 3 bispecific antibody targeting EGFR and LGR5 for head and neck cancers, to strengthen its oncology pipeline and expand its wholly owned portfolio