RE:EY sees bolt-ons in the single to double digit billions now GEN Edge: Pfizer-Biohaven was an $11.6 billion deal, and GSK-Sierra, $1.9 billion. What values can we expect to see for future M&A deals?
Baral: You never say never to megadeals, such as the $20-30-plus billion deals. But a lot of these bolt-ons, in the single- to double-digit billions, are in play in our view, if you look at macroeconomic trends and the headwinds with geopolitical issues. I know there’s a lot of noise around that. But the industry fundamentals are very strong.