Private Deals Lead Pharma M&A With Few Public Targets Available

After defying the biggest dealmaking downturn in a decade, Big Pharma is taking a little breather from chasing public companies in favor of smaller, private targets.

Drugmakers including Bristol Myers Squibb Co. and Abbvie Inc. spent heavily on targets during the later months of last year, often paying hefty premiums in a bid to refresh aging portfolios with new blockbuster medicines.

But the hot streak has cooled off in 2024, with the value of biotech deals down by more than 40% year-on-year to about $40 billion, even as mergers and acquisitions rebound in other industries, data compiled by Bloomberg show. ...