After ostensibly refraining from acquisitions in 2013, big pharma appetite for M&A increased significantly in the first half of 2014 despite an overall downturn in deal activity in the life sciences sector. Creativity in M&A emerged, as evidenced by the asset swapping between GlaxoSmithKline and Novartis, and speciality pharma consolidation continued apace. Licensing upfront payments and deal values increased markedly as compared to H1 2013 and Celgene and Merck & Co. signed deals with record-breaking upfront payments. AstraZeneca retained its title as the most prolific dealmaker in H1 2014, although a number of its contemporaries significantly ramped up their partnering activity. Oncology continued to dominate the deal-making landscape and early-stage collaborations for the discovery and development of cancer immunotherapeutics comprised one of the major deal-making themes of the period.