2017 was a comparatively quiet year for pharma M&A. However, conditions remain ripe for companies to engage in more deal making in 2018. Big Pharma is divesting its non-core assets and doubling down on core business lines. Furthermore, generics portfolios are increasingly being seen as underperforming assets that distract from the bread and butter of developing high-margin innovative drugs – making them ripe for divestment and consolidation.

Other trends covered include major asset swaps between Big Pharma, the success of companies which have indulged in serial M&A such as Allergan and Valeant, the increasing importance of acquiring digital assets, and how CMOs are fast catching up with CROs in both volume and value of consolidation deals.