From 2010 to 2023, there were 195 public biopharmaceutical M&A transactions, totaling around $1 trillion in M&A investments with an average of $70 billion invested yearly. When adjusted for inflation in today's value, this amounts to $1.2 trillion in M&A investments with an average of $83 billion invested yearly. To put this volume of transactions in perspective, the combined equity value of the top 20 global biopharmaceutical companies stood at $3.6 trillion M&A activity has been cyclical since 2010, reaching its peak in 2019 with 16 deals amounting to $189 billion. Notably, there was a decrease in M&A transactions in 2021 and 2022, attributed