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2022 Deal-Making Snapshot: One Big Deal Didn’t Change The Downward Trends

Amgen/Horizon Buyout Lessened Decline

 
• By Joseph Haas

Even with Amgen’s $27.8bn acquisition of Horizon in mid-December, biopharma M&A volume, total value and average deal value all dropped substantially from 2021.

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2022 saw a significant decline in biopharma M&A activity

Despite continuing normalization two years into the COVID-19 pandemic, 2022 was shaping up to be a year of significant downturn in biopharmaceutical merger-and-acquisition activity. The year closed out with a deal big enough – Amgen, Inc. acquiring Horizon Therapeutics plc for $27.8bn – to shift the full-year statistics. Even with that transaction, however, M&A deal volume, total reported value and total average value dropped substantially from 2021.

The difference really was just a matter of degree, though. Factoring in the Amgen buyout, M&A total value declined 40%...

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