Many of the same factors that held down large M&A transactions in 2021 carried over to 2022, which saw eight buyouts valued at $2bn+, headlined by Amgen’s $27.8bn purchase of Horizon.

Following two workforce cuts in 2022, Finch said it will cut its staff by 95%, halting a Phase III study of lead recurrent C. diff candidate CP101 and seeking to maximize shareholder value.

The pharma and biotech industry is waiting with bated breath for the decision from the US Supreme Court over a contentious case involving Amgen. The result of the SCOTUS decision could have a huge impact on drugmakers’ profits, commercial strategy, and industry innovation.

Deal-making between big pharma and biotech looks set to rise with a looming patent cliff increasing the need for the former to replenish its pipelines. Meanwhile, biotechs need partners to help them advance amid the ongoing big freeze on raising cash on public markets.