一个擅长并购企业的CEO发言。

So, I'll start with the market environment. If you look at the enterprise value of the 830 or 840 biotech companies -- list of biotech companies, I think the enterprise value is down around 67% since February of last year. So we've certainly seen those valuations come down.

And we certainly see a lot of opportunities, both of public companies, but also private companies and venture-backed companies as far as ability to do acquisitions. And I think that we're not seeing a rebound in the IPO market or even follow-on markets for existing companies seeking cash. So we do see it as a rich opportunity for deals.