Analyzing Healthcare M&A Trends: Q1 2024 Insights Healthcare M&A activity remained robust in the first quarter of 2024, with 29 transactions vs. 28 in 2023. Biopharma was the most active healthcare subsector, representing 45% of deal volume, while Services activity remained dampened despite notable transactions such as Novo Holdings’ acquisition of Catalent. We expect Biopharma M&A activity to remain robust as large pharmaceutical companies attempt to fill revenue and pipeline gaps via acquisitions of late- or commercial-stage companies. We expect pre-commercial biopharma companies to continue pursue strategic alternatives, including mergers, private company mergers and cash-out transactions as a result of the dynamic capital markets environment. LEARN MORE