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.

In the top May alliance by deal value, Amphista Therapeutics and Bristol Myers Squibb aim to discover and develop targeted small-molecule protein degraders by leveraging Amphista's proprietary Eclipsys platform. BMS gets exclusive global rights to resulting products. Amphista will receive a $30M upfront payment, up to $1.25B in performance-based milestone payments, payment for a limited expansion of the collaboration, as well as royalties on global net sales.

Looking to take advantage of the cool reception private biotechs are receiving from the public markets, a leading European VC is targeting investments of up to €70m per deal in firms with undervalued late-stage assets.

Kymera has seen its share price fall more than 30% this week as investors struggle to gauge how much future market potential targeted protein degraders will have.