After big M&A year, will pharma move away from massive deals in 2020?

After a year flush with big deals, pharma M&A watchers have been downright spoiled by an unusually rich market for transactions. But with major pharmas wallowing in slow growth—and biotechs outperforming the market in terms of stock price—big players may be looking for smaller "bolt-on" acquisitions rather than the massive mergers of the past year.