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Biotech investments and acquisitions have been declining this year, Bloomberg found, as investors are weary of Trump's ability to foster a biotech boom.

The stats: Compared to three years ago, exchange-traded funds have lost nearly half of its trading volume, per Bloomberg. Moreover, Bloomberg noted that these acquisitions — pharmaceutical and biotech — are down 13 percent this year, totaling $44 billion last quarter.

The Trump effect: Biotech investors and companies are standing by to see what relevant issues Trump's administration will move forward on, such as tax reform and the eventual Obamacare replacement, before they feel confident in investing more in the industry.

When there is a little bit more clarity on some of the policy issues we could probably see an uptick in M&A.—Jeff Greene, partner at Ernst & Young

The big questions: Will there be more dealmaking when the Obamacare repeal effort is resolved one way or another, or when Scott Gottlieb is confirmed as the next FDA commissioner? Or will it get worse if Trump keeps talking about drug prices?

Go deeper

6 hours ago - Politics & Policy

Kellyanne Conway's parting power pointers

Kellyanne Conway addresses the 2020 Republican National Convention. Photo: Nicholas Kamm/AFP via Getty Images

Kellyanne Conway has seen power exercised as a pollster, campaign manager and senior counselor to President Trump. Now that his term in office has concluded, she shared her thoughts with Axios.

Why it matters: If there's a currency in this town, it's power, so we've asked several former Washington power brokers to share their best advice as a new administration and new Congress settle in.

6 hours ago - Politics & Policy

GOP holdouts press on with plans to crush Cheney

Screenshot of emails to a member of Congress from individuals who signed an Americans for Limited Government petition against Rep. Liz Cheney. Photo obtained by Axios

Pro-Trump holdouts in the House are forging ahead with an uphill campaign to oust Rep. Liz Cheney as head of the chamber's Republican caucus even though Minority Leader Kevin McCarthy told them to back down.

Why it matters: What happens next will be a test of McCarthy's party control and the sincerity of his opposition to the movement. Cheney (R-Wyo.) is seen as a potential leadership rival to the California Republican.

Democrats aim to punish House GOP for Capitol riot

Speaker Nancy Pelosi passes through a newly installed metal detector at the House floor entrance Thursday. Photo: Drew Angerer/Getty Images

House Democrats plan to take advantage of corporate efforts to cut funding for Republicans who opposed certifying the 2020 election results, with a plan to target vulnerable members in the pivotal 2022 midterms for their role in the Jan. 6 violence.

Why it matters: It's unclear whether the Democrats' strategy will manifest itself in ads or earned media in the targeted races or just be a stunt to raise money for themselves. But the Capitol violence will be central to the party's messaging as it seeks to maintain its narrow majorities in Congress.

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