While biopharma deals are very much in line with the early pandemic months of 2020, mergers and acquisitions are telling a different story – one in which values are down by 76%. As of June 22, BioWorld has recorded 956 deals, including licensings, collaborations and joint ventures, valued at $80.2 billion in 2021, as well as 59 completed M&As worth $29.1 billion. In comparison with the same timeframe in 2020, the volume of both deals and M&As is down slightly by about 10 deals each, but the lack of high-value M&As, or mega-mergers worth more than $10 billion, has placed 2021 far behind last year. Deal values, however, are up by 4%.