2021 Deal Snapshot: Continued Emphasis On Bolt-Ons, Alliances Up
INFOGRAPHIC: M&A deals valued at $10bn or more were scarce in 2021, as the industry focused on easier-to-integrate bolt-ons. Alliance activity increased, but the average value on licensing and partnership deals was lower than in 2020.

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The Swiss pharma company is rebalancing the portfolio, emphasizing best-in-class drugs and moving into new areas like cardiovascular and metabolic disease.
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Francesco Hofmann, head of R&D at the mid-sized French group, tells Scrip that its strategy of not playing in the spaces that are dominated by big pharma is paying off.
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