" A reason for the shirt to smaller acquisitions, lawyers and bankers say, is that big companies see fewer larger targets worth buying after many were taken out.

Private companies with drugs in earlier stages of development have been more willing to sell themselves in recent months because of the challenges of going public and because their prospects for raising cash to fund the next phase of development are uncertain."

The article is behind a paywall so this link may not work:

https://www.wsj.com/health/pharma/big-drugmakers-are-clinching-smaller-deals-0c039593?st=f4sq7aoni88hr3t