For biopharma M&A, the best returns come from small deals: analysts

Last year closed with a flurry of big-money biopharma deals. Of the industry’s top 10 acquisitions, six came in the fourth quarter. Bristol Myers Squibb pulled off three of these buyouts in the final three months of 2023, spending a combined $23 billion, while AbbVie inked a pair of deals totaling $19 billion.