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2023 biopharma M&A trendsM&A activity has rebounded to a degree in 2022 and 2023, but deal-making is still below some of the top years in recent decades, including 2011, 2014, and 2015. While M&A remains a fact of life in biopharma, buyers are selective about disease focus areas. Oncology, immunology and obesity/cardiometabolic therapies are a focus of many recent deals. Similarly, recent acquisitions tend to focus on de-risked targets in phase 3 or already on the market, reflecting acquirers’ risk aversion.
Despite increasing interest rates and FTC scrutiny, biopharma M&A activity remains resilient. “I do think that the market is remaining consistent,” said Rebecca A. Guzman, a partner at Duane Morris LLP. Guzman serves as a vice chair of the M&A division at the firm. “The regulatory landscape is obviously changing, and it’s something we’re…