In the global pharmaceutical industry, there were 426 M&A deals announced in Q4 2023, worth a total value of $84.2bn, according to GlobalData’s Deals Database. The $14bn acquisition of Karuna Therapeutics by Bristol-Myers Squibb was the industry’s largest disclosed deal. GlobalData’s Pharmaceuticals Industry Mergers and Acquisitions Deals by Top Themes report for 2023 dissects the driving forces behind the M&A dynamics within the Pharma sector, offering essential insights into industry trends and transformations. Buy the report here.

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In value terms, M&A activity increased by 149% in Q4 2023 compared with the previous quarter’s total of $33.8bn and rose by 65% as compared to Q4 2022. Related deal volume increased by 5% in Q4 2023 versus the previous quarter and was 13% lower than in Q4 2022.

Notably, healthcare-related deals accounted for a 30% share of the global pharmaceutical industry’s M&A activity in Q4 2023, up 0.8% over the previous quarter.

The top-ranked financial advisors supporting these M&A deals in Q4 2023 were Centerview Partners; SVB Financial Group; Bank of America with 25, 15, 12 deals respectively.

The top-ranked legal advisors supporting these M&A deals in Q4 2023 were Gibson, Dunn & Crutcher; Goodwin Procter; Kirkland & Ellis with 30, 30, 29 deals respectively.

For further understanding of GlobalData's Pharmaceuticals Industry M&A Deals by Top Themes in 2023 – Thematic Intelligence, buy the report here.

This content was updated on 8 January 2024

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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.

GlobalData’s Deals Database tracks global deal activity, including mergers, acquisitions, capital raising, strategic alliances, and licensing agreements. Proprietary analysis is used to group deals into key thematic areas and granular sectors across the world’s largest industries.

This analysis considers only announced and completed deals from the GlobalData financial deals database and excludes all terminated and rumoured deals. Deal type includes Acquisition, Asset transactions and Mergers.