The biotech sector saw a surge of M&A activity at the end of 2023. Major deals to acquire ImmunoGen, Inc. (IMGN), Cerevel Therapeutics Holdings, Inc. (CERE) and Karuna Therapeutics, Inc. (KRTX) all took place in the final five weeks of last year. Each purchase contained a substantial buyout premium as well for shareholders. The uptick in deal volume was one of key drivers of the 50% rally that took place from the SPDR® S&P Biotech ETF (XBI) off its late October lows. That rally has ebbed in recent weeks as has new deal flow.