After a muted first half for M&A in the pharma commercialization sector, investment banks are looking forward to a busier one next year. Those who specialize in the middle market say several recent signs support the notion that a long-awaited upturn in deal activity is afoot. For one, macroeconomic uncertainty is dialing back. Two, recent deals have tended to be larger ones versus those of the “tuck-in” variety. The third is a desire among private equity backers, who have been holding onto their biopharma commercialization businesses through the downturn, to get liquidity from transactions executed in 2020 and 2021.
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