Many of the deals are acquisitions of companies that are closer to their fair value where the premium may be 30-50% on average. That being said, larger premiums aren't that uncommon in the right circumstances.
There are many examples where the premium is well over 100% when the last traded price isn't close to the company's value. Merck paid a 160% premium to the 1-month VWAP for VLA on the ASX as one example.
https://accelerateshares.com/research/alpharank-merger-monitor-synergies-in-science-exploring-biotech-ma-dynamics/
"Biotech takeovers typically feature significant control premiums. Since 2020, the average biotech takeover premium was 87.5%, compared to the M&A universe average (ex-biotech) of 41.7%. In addition, takeover over premiums in the biotech sector can soar to truly astronomical levels, with seven deals featuring a takeover premium above 200%, two north of 300%, and one at a stunning 667% premium. Large takeover premiums are extremely rewarding to investors.
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