Following a pair of $10bn+ deals in Q4 2023 and a $16.5bn takeout in Q1, the second quarter saw no acquisition priced as high as $5bn, Evaluate notes. Aggregate deal volume and values dropped from Q1.

With big pharma on a radiopharmaceuticals buying spree, New York-based Actinium Pharmaceuticals has been pointed to as the next potential takeout target.

The acquisition of Mariana will complement Novartis’s lutetium-based radioligand therapies with candidates using actinium. Lilly, Bristol and AstraZeneca all have made recent high-priced buys in the space.

Mohit Manrao, head of AstraZeneca’s US oncology business unit, explained the company’s diverse approach in an interview, including investments in ADCs, cell therapy and radiopharmaceuticals.