- Surprisingly a flurry of deals at the end of the year means 2023 was a record in terms of the number of deals >$1bn in value (source: Centerview, h/t Tema).
- One of the reasons is likely a looming patent cliff.
- Tema estimates that large-cap pharma has $838bn of dry powder – enough, even after the rally, to buy almost 70% of the XBI (without a premium).
Biopharma M&A Green Shoots
