With Trump in, dealmaking is back

TODAY’S STORY

Wall Street expects a Trump presidency to unlock more merger and acquisition (M&A) activity.

Dealmaking has slowed in recent years due to high interest rates, soaring company valuations, and a tight regulatory environment.

Goldman Sachs projects a 20% increase in M&A activity in 2025 over this year.

While all industries should see some uptick, pharmaceuticals appear poised for a significant resurgence. Lina Khan, the Chair of the Federal Trade Commission, has taken a particular interest in the industry over the past few years, arguing monopolies will stifle drug development and hurt consumer choice. Notably, Khan blocked Sanofi’s proposed acquisition of a drug from Maze Therapeutics. The FTC also sued to block Amgen’s $27.8Bn acquisition of Horizon Therapeutics.

With Trump in, Khan is almost certainly out. Dealmaking just might be back.

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Kieran & Justin Ryan