As interest in digital health increases and pandemic efforts decline, both med-tech deals and mergers and acquisitions this year continue to climb.

Sorrento Therapeutics Inc.’s majority-owned subsidiary, Scilex Holding Co., and antibody drug developer Apexigen Inc. both announced plans late this week to go public via mergers with special purpose acquisition companies (SPACs), suggesting that, despite current market conditions, SPACs are still considered a viable option for firms seeking cash and access to public markets.

From every perspective, the number of biopharma deals with nonprofit or government entities, as well as industry grants, are significantly below last year, and efforts focused on the COVID-19 pandemic have dropped as well.