12 Biotech M&A deals in Q1 totaling $19 bil on similar pace with 2022...

M&A in Q1 alone totaled 12 deals for $19.2 bil which is close to the 10 deals for $21.9 bil in all the 1H of 2023...

But one big caveat of this chart, it doesn't include $Pfizer (PFE.US)$ 's $43 bil deal for $SGEN announced in Mar 2023 but didn't close until Dec bc of an FTC challenge,

The biggest biotech M&A deal so far this yr was $Gilead Sciences (GILD.US)$ 's $4.3 bil buyout of $CBAY,

Bolt-on deals will likely be preferred over mega deals (>$15 bil) that draw scrutiny from regulators, especially in an election yr where drug prices (IRA) will continue to be in focus.