Biopharma merger and acquisition value for the third quarter of 2023 reached $37bn from 39 transactions, 26 of which had disclosed values. Making up almost half (45%) of that total was life sciences investor Novo Holdings’ proposed $16.5bn buy of public contract manufacturing and development organization (CDMO) Catalent. Along with this deal, eight other transactions hit or exceeded the billion-dollar mark during Q1 (see Exhibit 1).
The Catalent buy-out was the largest M&A deal of the quarter. Founded in 2007 by affiliates of the Blackstone Group,...