The number of biopharma deals and mergers and acquisitions completed so far within the past three months are significantly down from each of the first two quarters of 2020. But despite slumping activity and uninspiring M&A values, the projected values of licensings, collaborations and joint ventures, at about $45.4 billion, has placed the nearly complete third quarter in line with the rest of the year. That is mainly due to July and August having two of the largest deals for the year. Together, they make up 27% of the money disclosed in the third quarter, although there is still a week and a half left in September.