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The headlines speak of a biotech boom with news of company launches, oversubscribed private financings, and splashy public offerings. Yet one important milestone in the biotech lifecycle has been conspicuously absent so far this year: mergers and acquisitions (M&As). They were slow during the first quarter of 2021, then deal counts and transaction values hit a five-year record low in the second quarter.

While this trend may turn around soon, a continued lack of M&A would be unfortunate news for all patients and family members counting on biotech innovation to deliver new therapies.

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