Biopharma throws grease on the deal wheels

A quiet spell for biopharma M&A has investors anxiously waiting for the next big takeout, but with valuations sky high it seems that bankers are continuing to grease the deal wheels to get transactions done. A quarter of the acquisitions announced in the first half of this year involved disclosed downstream payments, a big uptick on 2020 and one of the highest proportions in the last five years.