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According to the Global Data report, the pharma sector in Q3 2023 witnessed deals worth $28 billion, down 28% from the $54 billion recorded in Q2 2023. 

Upward Trajectory For Biotech/Pharma M&amp;A: Sector Trends Towards Pre-Pandemic Levels, Forecasts Positive For 2024

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According to the Global Data report, the pharma sector in Q3 2023 witnessed deals worth $28 billion, down 28% from the $54 billion recorded in Q2 2023.&nbsp;

Deal volume fell 9% from 242 deals in Q2 2023 to 221 M&amp;A deals in&nbsp;<a class="editor-rtfLink" href="https://www.globaldata.com/store/report/healthcare-industry-m-and-a-deals-by-theme-quarterly-analysis/" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Q3</a>&nbsp;2023.

PricewaterhouseCoopers&nbsp;<a class="editor-rtfLink" href="https://www.pwc.com/us/en/industries/health-industries/library/pharma-life-sciences-deals-outlook.html" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">wrote</a>&nbsp;in its Pharmaceutical and Life Sciences: U.S. Deals 2024 Outlook. &quot;As regulators&#39; perspectives on key deal factors become better understood, there may be a return of larger deals, along with continued interest in the $5 billion to $15 billion deals to fill targeted strategic gaps.&quot;

&quot;Despite some stabilization in the macroeconomic environment and the potential for a soft landing in sight, continued geopolitical and regulatory uncertainty seems a given in 2024,&quot; PWC added in its report.

The pharmaceutical and life sciences sector experienced a notably robust year in 2023, nearing pre-pandemic levels in both M&amp;A deal value and volume, the PWC report added.&nbsp;

Anticipations for 2024 suggest continuing this trend, projecting comparable activity levels within the range of $225 billion to $275 billion across all subsectors.

Notable Deals in 2023

<ul>
	<li>Pfizer Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) acquired&nbsp;Seagen Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SGEN#NASDAQ">SGEN</a>)<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/12/36198526/pfizer-clears-required-regulatory-hurdles-to-complete-43b-seagen-acquisition" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">&nbsp;for $43 billion.</a></li>
	<li>Bristol Myers Squibb &amp; Co&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/bmy#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BMY</a>) agreed to acquire&nbsp;Karuna Therapeutics Inc&nbsp;KRTX for $330.00 per share in cash, for a total equity value of $14.0 billion, or $12.7 billion net of&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/12/36360205/bristol-myers-squibb-scoops-up-schizophrenia-player-karuna-therapeutics-in-massive-14b-deal" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">estimated cash acquired</a>.&nbsp;</li>
	<li>Merck &amp; Co&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>) acquired&nbsp;Prometheus Biosciences&nbsp;for $200.00 per share in cash for a total equity&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/08/33491400/merck-swings-into-q2-loss-on-prometheus-biosciences-acquisition-charge-but-raises-fy23-revenue-ou" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">value of ~$10.8 billion</a>.</li>
	<li>AbbVie Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABBV#NYSE">ABBV</a>) to acquire&nbsp;ImmunoGen Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IMGN#NASDAQ">IMGN</a>) and its flagship cancer therapy Elahere, for $31.26 per share in cash. The transaction values ImmunoGen at a total equity value of&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/11/36020779/immunogens-flagship-cancer-therapy-draws-abbvies-attention-with-10-1b-deal" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">approximately $10.1 billion</a>.&nbsp;</li>
	<li>AbbVie Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABBV#NYSE">ABBV</a>) will acquire psychiatric and neurological disorders player&nbsp;Cerevel Therapeutics Holdings, Inc&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/cere#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">CERE</a>) for $45 per share in cash with a total equity value of&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/12/36138161/why-cerevel-therapeutics-stock-is-higher" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">approximately $8.7 billion</a>.</li>
	<li>Biogen Inc&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/biib#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BIIB</a>) agreed to acquire&nbsp;Reata Pharmaceuticals Inc&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/reta#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">RETA</a>) for $172.50 per share in cash, reflecting an enterprise value of&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/07/33440534/biogen-bolsters-rare-disease-portfolio-agrees-to-buy-reata-pharmaceuticals-with-enterprise-value-" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">approximately $7.3 billion</a>.</li>
	<li>Bristol Myers Squibb &amp; Co&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/bmy#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BMY</a>) agreed to purchase&nbsp;Mirati&nbsp;Therapeutics Inc&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/mrtx#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">MRTX</a>) at $58.00 per share in cash, amounting to an overall equity valuation of $4.8 billion, with an additional Contingent Value Right at $12.00 per share in cash, offering an extra&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/10/35141493/bristol-myers-squibb-strengthens-oncology-portfolio-with-mirati-therapeutics-5b-deal" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">$1.0 billion in value opportunity</a>.</li>
	<li>Japanese healthcare company&nbsp;Astellas Pharma Inc&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/alpmy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">ALPMY</a>) has agreed to buy&nbsp;Iveric Bio Inc&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/isee#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">ISEE</a>) for $40.00 per share in cash for a total equity value of&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/05/32112605/astellas-pharma-acquires-iveric-bio-for-5-9b-to-focus-on-blindness-regeneration" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">approximately $5.9 billion</a>.</li>
	<li>Most recently,&nbsp;Bristol Myers Squibb &amp; Co&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/bmy#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BMY</a>) has agreed to acquire&nbsp;RayzeBio Inc&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/ryzb#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">RYZB</a>) for $62.50 per share in cash, for a total equity value of approximately $4.1 billion, or $3.6 billion net of&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/pressreleases/23/12/b36382478/bristol-myers-squibb-adds-premier-radiopharmaceutical-platform-with-acquisition-of-rayzebio" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">estimated cash acquired</a>.</li>
	<li>Image by Steve Buissinne from Pixabay</li>
</ul>

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