During Q4, biopharma merger and acquisition value reached $35.7bn and drew in $62.1bn in potential deal value from alliances. Device company M&A values reached $19.2bn, while in vitro diagnostic firms and research tools players completed M&A activity that totaled $4.8bn.

A pair of new PwC reports project a more robust M&A environment in 2023, but questions about the impact of the Inflation Reduction Act are already affecting biopharma business development strategies.