Merck has taken two important steps towards its goal of achieving eight new cardiovascular drug approvals by 2030, presenting promising data for two potential blockbusters at the ACC meeting.

Mid-sized M&A, collaborations, creative financing, and biotech consolidation will feature in 2023. IPOs and follow-ons play bit-parts.

Merck Research Laboratories president Dean Li said there is no ideal product mix for the company, but noted cancer drugs will remain a priority given the groundwork Keytruda laid for Merck in oncology.

With only weeks to go in 2022, the three major pharmas each had inked between 16 and 20 deals. Meanwhile, Pfizer has been less busy with 12 deals, but those include M&A totaling $18.2bn.