Deal Volume Up, Value Down During The First Half

The biopharmaceutical industry’s preference for targeted, bolt-on acquisitions seemed to take hold even more strongly during the first half of 2024, as merger-and-acquisition deal volume increased by 18% compared to the first half of 2023. But valuations declined significantly at the same time. The first six months of 2024 saw no major deals, with the largest deal to date being a move by Novo Nordisk A/S to improve semaglutide supply.

Aggregate M&A valuation – based on deals with publicly disclosed valuations – declined 28% compared to the activity during the...