https://www.barrons.com/articles/big-pharma-mergers-biotech-cash-51651844327

The opener:

With biotech stocks off nearly 60% from their February 2021 peak, and big pharma firms flush with cash, why haven’t there been more acquisitions this year? It’s a healthcare market paradox.

A note Friday from Jefferies analyst Michael Yee highlights just how far biotech valuations have fallen, and how much cash the big pharma giants have on hand. The largest biopharma firms right now have almost enough cash to more or less buy every single small-to-mid-cap biotech company.