Derived from Strategic Transactions, Informa’s premium source for tracking life sciences deal activity, the Dealmaking column is a survey of recent health care transactions listed by relevant industry segment – In Vitro Diagnostics, Medical Devices, and Pharmaceuticals – and then categorized by type – Acquisition, Alliance, or Financing. This month’s column covers deals announced December 2019.

Allergan signed an $800m deal to investigate Exicure's Spherical Nucleic Acid (SNA) gene regulation and immune modulation technology for the treatment of hair loss. Novartis invested in cardiology through the $9.7bn acquisition of The Medicines Co. Biopharma financing greatly increased due to the $30bn notes offering done by AbbVie to fund part of the Allergan deal.

Device financing increased substantially in Q3, thanks to debt raises led by Insulet. Acquisition dollar volume dropped, though, but Siemens' buy of Corindus for $1.1bn was a stand-out. Diagnostics/research tools financing dropped by 28% from Q2, while acquisition value greatly increased due to Exact Sciences' $2.8bn purchase of Genomic Health.