Not a bad read -...

Not a bad read - https://unauthorised investment advice/health/asx-biotechs-are-looking-up-and-the-fda-breakthroughs-are-starting-to-flow/ or https://tinyurl.com/asxbio

'Mergers and acquisitions
After two years of relative inactivity, large pharmas are flush with cash.
According to a recent report by Ernst & Young, large pharmas in the US have collectively more than US$1.4 trillion to fund M&A and strategic partnerships.
That cash is now starting to find its way back into the sector – for example in April, Merck acquired Prometheus Biosciences for almost US$11 billion.'

Hopefully we're seeing a turning of the tide. It would have been nice to see IHL on the list of companies, but it is what it is.