After a relatively slow start to the first half of 2022, the appetite for M&A deals seems to be returning as cash-rich biopharma companies attempt to scale up and diversify their portfolios. Within the first two weeks of August, a flurry of high valued bolt-on deals were announced including Amgen’s acquisition of ChemoCentryx, Gilead’s purchase of MiroBio and Pfizer’s takeover of Global Blood Therapeutics. If the deals announced successfully close as expected in the coming months, they could mark the beginning of a far busier second half of 2022.