Medicines and Mines Help Dealmakers Defy $900 Billion M&A Slump

The hunt for medicines to treat rare diseases and a flurry of mining deals are again providing respite to the slump in mergers and acquisitions.

With global transaction values standing at $1.1 trillion this year — about $900 billion less than at this point in 2022 — just a handful of industries are keeping dealmakers busy.

One of them is health care, with acquisitions targeting the sector up 24% to $157 billion, data compiled by Bloomberg show. A theme underpinning deal flow here is drugmakers’ desire to shed legacy treatments and go in search of the next blockbusters.

Novartis AG ...