H1 2020 was an unprecedented time for dealmaking in the life sciences sector. While the COVID-19 pandemic rapidly provoked a significant level of partnering activity amongst biopharma companies keen to expedite the development of vaccines or therapeutics to tackle the virus, it also acted as a brake on other types of dealmaking, most notably M&A which saw a sharp decline in activity as a result of uncertainty and operational disruption. Indeed, H1 2020 was notable for the absence of any US$5 B deals on the scale seen in previous years as companies instead focused their attentions on internal programs and potential COVID-19 solutions, opting only for a few asset-driven acquisitions. There was also plentiful capital available to allow biotech companies to stay independent, particularly those in the US. As a result, aggregate spending on M&A by life science companies plummeted to just US$19.1 B in the first 6 months of 2020.