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Record inflation, a looming recession, the passage of the US Inflation Reduction Act and difficult-to-access public markets seem to have affected dealmaking in 2022, with volumes of both mergers and acquisitions and licensing partnerships declining. Here, we analyse these trends and highlight notable deals. The deals analysed include those in the biopharma industry, as well as consumer and over-the-counter (OTC) companies, drug delivery technologies, contract research, manufacturing and clinical trial services, but exclude devices, diagnostics, research tools, animal health and insurance.