In a recent report, EY noted that 2021 saw the second-lowest total value of biopharma M&A since 2014—a combined $108 billion last year. That’s down 16% from $128 billion in pandemic-wracked 2020, and a 59% drop from the record-high $261 billion in 2019. However, the volume of M&A deals rose to 90 in 2021 from 66 in 2020, four more than in 2019 . . .

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