https://www.europeanpharmaceuticalreview.com/article/169807/shift...

https://www.europeanpharmaceuticalreview.com/article/169807/shifting-from-megamergers-to-strategic-collaboration-ma-predictions-for-biopharma/

Great article about the state of the BioPharma M&A space, in particular around the move away from "megamergers" towards strategic partnerships. Includes some commentary from Subin Baral, who is the Global Deals Leader for EY's lifesciences team. Seems to be an Aussie as well! Good quote below:

"People are skeptical, cautious about doing big deals and paying up front,” explained Baral, adding that, combined with the reluctance of smaller companies to sell, organisations are entering into collaborations or partnerships. These deals enable access to some assets, allow the larger companies to go in small, gain an understanding of the technology, people or market and then, if it seems promising, potentially acquire the company or asset. An example of this is Pfizer’s investment in – and subsequent acquisition of – Trillium in 2021. Initially in 2020 Pfizer invested $25 million in Trillium, buying approximately 2.3 million of its common shares; then in 2021, Pfizer went on to acquire the company for a further implied equity value of $2.26 billion."