Analysis of the key themes driving M&A activity reveals that immuno-oncology accounted for 14 pharmaceutical deals announced in Q4 2023, worth a total value of $1.9bn. The $1.2bn acquisition of Gracell Biotechnologies by AstraZeneca 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, immuno-oncology-related deal activity increased by 244% in Q4 2023 compared with the previous quarter’s total of $552.8m and fell by 94% as compared to Q4 2022. Related deal volume increased by 56% in Q4 2023 versus the previous quarter.

The top-ranked financial advisors supporting these M&A deals in Q4 2023 were Centerview Partners; SVB Financial Group; Toronto-Dominion Bank with 4, 4, 3 deals respectively.

The top-ranked legal advisors supporting these M&A deals in Q4 2023 were Cooley; Gibson, Dunn & Crutcher; Goodwin Procter with 6, 6, 5 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.