The biopharmaceutical industry’s preference for targeted, bolt-on acquisitions seemed to take hold even more strongly during the first half of 2024, as merger-and-acquisition deal volume increased by 18% compared to the first half of 2023. But valuations declined significantly at the same time. The first six months of 2024 saw no major deals, with the largest deal to date being a move by Novo Nordisk A/S to improve semaglutide supply.
Deal Volume Up, Value Down During The First Half
H1 2024 Dealmaking Infographic
Without a mega-merger like 2023’s Pfizer/Seagan takeout, M&A deals grew smaller during the first half of 2024, while volume rose. In alliance deals, H1 2024 activity somewhat mirrored activity from H1 2023.
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