US$10 Billion is a typical estimate for a M&A in 2023"Les Funtleyder, a healthcare portfolio manager at E Squared Capital Management, said he expected Pfizer would make a series of acquisitions this year. These would likely focus on companies that are typically $10bn or below with products close to being commercialised, he said."
https://www.ft.com/content/ba2cba41-0a13-4251-bbd7-2abeff90433f