RE:Biotech M&A expected to be a 'different animal' in 2022" Increased scrutiny from the US Federal Trade Commission (FTC) around larger deals could mean that 2022 will be a year of bolt-on transactions in the $5 to $15 billion range as pharma companies take multiple shots on goal in order to make up for revenues lost to generic competition in the remainder of the decade. However, don’t rule out the potential for larger deals — consolidation is good for the health ecosystem and drives broader efficiency."
https://www.pwc.com/us/en/services/consulting/deals/outlook.html