During 2005, 350 mergers and acquisitions were recorded within PharmaDeals#174; Agreements, demonstrating that many companies have little inclination to alter their policy of consolidating their &D capabilities, of filling their pipelines and of broadening their technologies through the tried-and-tested method of M&A. This feature discusses the largest M&A transactions of 2005, compares M&A activity across territories and continents and identifies trends by examining the key M&A deals and deal makers of the year. It searches for the reasons behind M&A and discusses its consequences for small and large companies.