Syneos Health Dealmakers’ Intentions Survey Sees “Optimism” for M&A Licensing Deals for 2023

Feb 16, 2023

Despite Uncertainties, Survey Hints that Dealmaking Intensity Could Be Poised for a Rebound After a Year of Inertia

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MORRISVILLE, N.C. – January 10, 2023 – Syneos Health® (Nasdaq:SYNH), the only fully integrated biopharmaceutical solutions organization, today released its 13th annual Dealmakers’ Intentions Survey. Conducted on an annual basis, the survey provides a review of biopharmaceutical dealmakers’ expectations for deal activity, supply and demand for specific assets in different development stages, pitfalls leading to deal failure and other factors affecting dealmaking.


In its 13th Annual Dealmakers’ Intentions Survey, Syneos Health found that dealmaker sentiment at the end of 2022 pointed toward a possible rebound in M&A and licensing deals, driven partly by buyers’ need to shore up their base of marketed assets ahead of patent expirations on blockbuster drugs. The volume and value of M&A and partnership deals hit decade-long peaks in 2019 and 2020. Since then, however, deal flow has plunged by both measures, due to the global economic downdraft and worsened by the Ukraine war, high interest rates, inflation, fears of recession and geopolitical uncertainties.


“Entering 2023, the investment and dealmaking environment remains complicated and slightly unclear, despite witnessing a bounty of research and regulatory milestones,” said Neel Patel, Executive Managing Director, Syneos Health Consulting. “While we’re not yet predicting that biotech IPOs will come roaring back in 2023, or that private investors will loosen their grip on cash, our survey hints at an inflection point and possible rebound in dealmaking, mostly driven by industry ingenuity and new developments in small biopharma pipelines.”

Key findings from this year’s report include:

While large pharma is looking to expand portfolios, many remain cautious. That said, restructuring efforts across the sector could position these leaders to come back strong in dealmaking in the second half of 2023.

Cancer vaccines, RNA targeted therapies and immuno-oncology saw the largest increase in interest from the prior year. Additionally, COVID-19 treatments, CAR-T and gene editing therapies remain areas of high interest among dealmakers.

Interest in cell and gene therapy technologies remains strong heading into 2023, with 65 percent of survey respondents stating that they are actively seeking deals in this area.

A focus on digital health technologies remains strong with approximately 33 percent of survey respondents stating that they are actively seeking deals or that it remains a cornerstone of their dealmaking strategy.

To learn more:

Download the full 2023 Dealmakers’ Intentions Survey

Submit a request to have a Syneos Health Consulting team member present survey results and implications for your business.

Subscribe to the Syneos Health podcast where the study experts will provide further analysis of the survey results.


About Syneos Health

Syneos Health® (Nasdaq:SYNH) is the only fully integrated biopharmaceutical solutions organization purpose-built to accelerate customer success. We lead with a product development mindset, strategically integrating clinical development, medical affairs and commercial capabilities to address modern market realities.


We bring together a talented team of professionals, across more than 110 countries, with a deep understanding of patient and physician behaviors and market dynamics.


Together we share insights, use the latest technologies and apply advanced business practices to speed our customers’ delivery of important therapies to patients.


Syneos Health supports a diverse, equitable and inclusive culture that cares for colleagues, customers, patients, communities and the environment.


To learn more about how we are Shortening the distance from lab to life®, visit or subscribe to our podcast.

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