Biopharma needs a biggie to avoid a down deal year

Biopharma experienced a welcome buzz of buyout activity in the third quarter, topped by the biggest deal of the year in Merck & Co’s $11.5bn move on Acceleron. But on the current run rate 2021 is shaping up to be a quiet 12 months for takeovers.

Global drug makers put $52.3bn towards M&A in the nine months to September; this year is on track to be the slowest for these types of transactions since at least 2016, Evaluate Pharma data show. The previous trough of activity was 2017, when $75.4bn was spent across the whole year.