M&A activity in 2020 was pretty quiet but positively ear-splitting compared to the first half of 2021. The lack of deals was due in no small part to the US Federal Trade Commission announcing in March that it would work with regulators in the UK, EU and elsewhere when scrutinizing mergers for potential effects on innovation, drug costs and anticompetitive conduct. That created uncertainty that contributed to M&A deals falling to their lowest levels for over a decade.
However, despite the FTC factor, the second half of the year saw some interesting, if relatively small, deals. Sanofi...
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