At the midway point of 2023, dealmaking for big pharma had roared back to life following relative austerity in the previous two years, as credit became harder to come by, interest rates spiked, and lenders tightened up in a challenging and volatile market.
Huge deals penned by COVID-rich Pfizer Inc. (Seagen: $43bn) and Merck & Co., Inc. (Prometheus Biosciences: $10.8bn) showed...