Deal activity in the life sciences sector in H1 2022 was unable to match the pandemic-boosted level seen in H1 2021 as challenging market and economic conditions deterred companies from pursuing certain types of transactions. After rebounding in H1 2021 following the hiatus brought about by the emergence of COVID-19, M&A activity dropped off significantly in H1 2022 both in terms of deal volume and value as the life sciences sector declined in value and caution prevailed among potential purchasers amid much economic and geopolitical uncertainty. Aggregate spending on M&A more than halved to US$52.4 B, with the ten largest deals of the period accounting for more than 60% of this total. Nevertheless, after adopting a conservative approach to M&A in H1 2021, big pharma were more prominent in the M&A market in Q2 2022 with Pfizer, Bristol Myers Squibb (BMS) and GlaxoSmithKline (GSK) all signing deals each worth in excess of US$3 B.