Despite decreased global M&A activity in 2022, Healthcare deal flow has remained high in 2022 and is expected to increase as long established large-cap pharmaceutical players continue to invest in high-growth biotech companies which are the forefront in various areas of innovation such as gene therapy, mRNA technology and more while simultaneously divesting out of non-core assets to free up spare capital. Many of these M&A deals are set to be cross-border transactions as players continue to seek industry consolidation.