From today's Wall Street Journal:

"For years the world's biggest drugmakers paid up for deals. Now they are writing much smaller checks.

After shelling out tens of billions of dollars for single biotech companies, pharmaceutical giants such as AbbVie, Astra Zenica and Merck have shifted to smaller targets costing $5 billion or less. Many of the companies getting taken out are private."

I guess Don hasn't kept up to date  on today's biotech acquisition environment.