RE:RE:RE:EY sees bolt-ons in the single to double digit billions now
Pwc predicts big pharma picking up earlier stage companies to try and fill the pipeline gaps that are likely to start in 2024.
"All of the stars are aligned for there to be a flurry of deals activity across all areas of the sector despite the slow start to the year so far. Many large pharma players are flush with cash (particularly those that have COVID-19 treatments in their arsenal), biotech valuations have been normalizing after years of a boom market and the 2025 patent cliff is rapidly approaching, all making for a strong deal environment."
"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."
https://www.pwc.com/us/en/industries/health-industries/library/pharma-life-sciences-deals-outlook.html