In the world of drug development, business deals are just as important as scientific discoveries. Many of today’s top-selling medicines, like the cancer treatment Keytruda and the anti-inflammatory drug Enbrel, might not exist without mergers and acquisitions (M&A). At the end of the last decade, pharmaceutical companies made record-breaking deals, often buying smaller biotech firms to gain access to innovative treatments for cancer, rare diseases, and immune disorders—areas where research was showing great promise and profits were high. However, 2021 and 2022 saw fewer deals due to economic challenges and rising interest rates. Now, the industry is bouncing back, with companies focusing on obesity treatments, advanced drug technologies like antibody-drug conjugates, and even neuroscience, a field that was previously overlooked. BioPharma Dive is tracking these deals in a database that includes acquisitions worth $50 million or more since 2018. The database only includes full company buyouts, not partial ownership or licensing deals, and updates as new information becomes available. Some deals may fall through or be outbid, in which case the tracker is updated accordingly. Upcoming study results in obesity, lung cancer, and a rare lung disease called AATD could also give the biotech sector a boost. Recently, Sino acquired LaNova Medicines, marking the first major buyout of a China-based drugmaker since BioNTech’s deal for Biotheus last year. Stay informed with BioPharma Dive’s free daily newsletter, trusted by industry experts.