EY Q1 Pharma M&A Report sees ADCs taking center stage

Total investment in biopharma M&A in the first quarter of 2023 was over four times the equivalent value for first quarter 2022, including the first megadeal since December 2020 with Pfizer (NYSE: PFE) paying $43 billion to acquire Seagen (Nasdaq: SGEN).

However, despite these high headline numbers, findings reveal the global biopharma industry is still playing it safe – with overall activity down 22% from first-quarter 2022.

EY’s latest  Life Sciences Quarterly M&A Update (1Q’23) explores the deal value and volume trends over the quarter, as well as predictions for the remainder for 2023. Notably, as the beginning of the year has been characterized by an unsettled global climate, a rebound later in 2023 looks likely, with a focus on new modalities such as antibody-drug conjugates (ADCs).