Large Pharma Dealmaking ActivityJan 2018 to May 2024
Interesting both for the (1) shift in the macro-trend to M&A (vs. Licensing) and (2) change in top spenders
![Source: Stifel / DealForma](https://ussnsimg.moomoo.com/sns_client_feed/70042970/20240528/50bd3156f4e44e9dbaffdfd443509ebd.png/big?area=100&is_public=true)
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Zerrow : Does that mean BMS is bigger? M&A expenses rank first