But transactions are small, and mostly involve licensing rather than takeouts, with cancer and gene editing featuring heavily.
Beam signs Pfizer up for $300m up front, while Mammoth’s deal with Bayer is worth a more modest $40m.
Investors nursing a fall in biotech indices now have to digest the failure of Bridgebio's acoramidis in 2021’s last important catalyst.
Deals will come into even greater focus after the failure of ligelizumab, one of the group’s brightest pipeline hopes.
Ipsen hopes to draw a line under its earlier deal-making snafu with a bet on Genfit, and investors have just over a year’s wait for the proof.
This year has yet to see a blockbuster-style deal, but prices remain punchy nevertheless.