Pharma M&A trends in Q2 2023: Strategic acquisitions rise as deal-making cools

Visual representation of recent M&A trends in the pharma sector.

The pharma industry in 2023 has been marked by an uptick of M&A activity. The year began with a relative frenzy of massive mergers. Pfizer’s $43 billion acquisition of Seagen and Amgen’s $27.8 billion purchase of Horizon Therapeutics earlier in the year were notable examples. But that initial spike of billion-dollar megamergers significantly cooled in the second quarter.

Looking at the M&A activity in pharma in Q2 2023, the deal size of transactions in Q2 2023 were notably smaller, too. Check out the scatter plot below. The largest M&A transaction in the second quarter of the year was Novartis’s $3.2 billion acquisition of Chinook Therapeutics. This trend indicates that companies are prioritizing smaller, more strategic acquisitions to diversify their portfolios.

Deals could pick up in the second half of…

Read more
  • 0