As 2023 began, biopharmaceutical industry observers predicted an increase in both merger-and-acquisition activity as well as the return of some larger transactions similar to the occasional mega-mergers seen before the COVID-19 pandemic. During the first quarter, this expectation was realized as Pfizer Inc. sought to bolster its cancer biologics portfolio with the $43bn acquisition of the antibody-drug conjugate specialist Seagen.
However, at the end of 2023, an ensuing wave of larger M&A deals had not arrived and M&A activity has...
