Deal activity in the life sciences sector slowed considerably in H1 2023 as the fragile macroeconomic environment deterred companies from entering certain types of transactions. After dropping off significantly in H1 2022, M&A activity continued to remain muted in H1 2023 in terms of deal volume as fluctuating valuations and the threat of enhanced antitrust scrutiny discouraged potential purchasers. Nevertheless, aggregate spending on M&A rose to US$100.5 B, with the 4 largest deals of the period accounting for 66% of this total.