As big pharmas and other commercial-stage biopharma and biotech companies grapple with the reality of patent cliffs on the horizon, which have been projected to lead to $180 billion in lost revenue in 2027 and 2028, [1] these companies, or acquirers, continue to look toward acquisitions to stabilize their profits and replenish their pipelines.

This, among other factors, has led to a relatively robust year of merger and acquisition activity thus far in the sector. According to DealForma, biopharma companies completed 26 M&A transactions in the second quarter — trending up from 24 in the first quarter — with the average deal size at $1.4 billion. [2]

When acquirers assess these potential acquisition opportunities, a key focus in due diligence will be any license and collaboration agreem

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