Biotech Rally Gets $100 Billion M&A Lift With More Deals to Come

A rash of dealmaking helped reverse the declining fortunes of biotech stocks over the last five months. And as AstraZeneca Plc’s $1 billion deal to acquire closely-held Amolyt Pharma illustrates, the likelihood is there’s much more to come.

A total of 46 listed biotech transactions worth more than $100 billion were announced across the industry last year, the highest since spending peaked in 2019, according to data compiled by Bloomberg. Chief among them was Pfizer Inc.’s $42 billion acquisition of cancer drug maker Seagen Inc.

The increase in deal activity bodes well for a rally that has seen ...