For pharma M&A, 2018 started with a bang. Almost $30 billion of acquisitions have been announced since the beginning of the year. This strong start has raised hopes of more deals to come as 2018 unfolds. However, seemingly sky-high valuations have left some people wondering whether ‘animal spirits’ have overcome rational heads and led to big pharma overpaying for top assets. Sanofi SA’s $11.6 billion offer for US haemophilia specialist Bioverativ Inc attracted attention for both the size of the deal and the premium paid..
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