New figures released by GlobalData have shed light on the top locations for mergers and acquisitions in the pharmaceuticals industry.

Recent months have seen an uptick in M&A deals in Spain. The country has seen seven deals announced over the last two complete quarters, up from an average of two deals every six months between 2019 and 2021.

That’s the largest increase in M&A deal-making in the pharmaceuticals industry for any country.

The data shows that M&A activity is strongest in the US, which saw a total of 16 deals announced in the most recent quarter (2021 Q4). That’s down from 22 deals announced in the previous quarter (2021 Q3).

Despite being the global hotspot for M&A dealmaking in the pharma industry, the US has had a difficult few months, with just 29 deals announced in the last two complete quarters.

That’s a decrease compared the country’s average of 51 deals announced every six months between 2019 and 2021, and the sharpest decrease in M&A dealmaking in the pharmaceuticals industry experienced by any country in recent months.

The UK also performed well over the most recent quarter, with eight deals (up from zero in 2021 Q3).

Globally, the situation is looking distinctly positive for mergers and acquisitions in the pharma industry.

A total of 117 deals were announced in the last quarter, up from 81 deals in the previous quarter and from an average of 68 deals per quarter over the previous three years.

GlobalData tracks the performance and activities of more than 675,000 companies in over 200 countries around the world.

The data analytics firm's deals database includes the details of approximately one million deals, ranging from mergers and acquisition to venture capital financing, equity offerings and debt offerings.