Oncology continues to be the leading therapeutic area in which biopharma is invested. 37% of the clinical-stage drug pipeline is focused on oncology. However, from the standpoint of biopharma mergers and acquisitions, we have seen a steady decline in the number of deals that are focused on oncology. 2018 saw 52% of buyouts and mergers focused on companies that were primarily driven by oncology. 2021 and 2022, by contrast, have seen just 15-20% of deal volume focused on oncology. Meanwhile, deal volume of immunology, neurology and rare diseases has steadily increased over the last five years. Using reported industry deal data from the past decade as a basis, this session will take an in-depth look at the US and European biotech industry’s standing within a quickly evolving post-pandemic healthcare environment, specifically comparing how oncology vs. non-oncology companies are faring across approvals, fund-raising, IPOs, M&A activity, and alliances.