Fewer Acquisitions And Alliances In 2023, But Valuations Increased

While Pfizer Inc.’s acquisition of Seagen Inc. in March did not set off a wave of mega-mergers, and overall deal volume was down in both mergers-and-acquisitions and alliances in 2023, the valuations did trend higher – even excluding the $43bn Pfizer/Seagen merger.

In M&A, deal volume dropped off by 12% but the average valuation – at least for those deals that disclosed values – increased by nearly 107%. That number was driven partly by Pfizer/Seagen – the sector’s biggest M&A transaction by value since 2019 – but excluding that, the year’s average M&A value is 63.3% higher than in 2022. And excluding the top deal for 2022 as well, Amgen, Inc