The State Of Biotech M&A In 2023

By Kim Spoerri and Jess Cymbaluk

Beset by economic uncertainty resulting from continued inflation, increasing interest rates, supply chain disruptions, and the conflict in Ukraine, the dollar value of global M&A activity in 2022 was down 37% from 2021’s record high. The biotech sector was no exception to the overall M&A market’s year-over-year decline, with 2022 aggregate deals’ value down by 41% to $158.5 billion and deals’ volume down by 30% to 258 deals.