While biopharma M&As fail to keep up with prior years, the dealmaking environment remains strong, as deal values continue to grow. Through early August of this year, biopharma companies have completed 955 deals, including licensings, joint ventures and collaborations, valued at $114.5 billion, which is 7% more than last year ($107 billion) and 2% more than 2020 ($112.2 billion).