The deal could also provide a boost to biotech at a time when emerging biotech companies face a tougher outlook than they have in years. A sharp public market downturn has made it more difficult for startups to raise cash via initial public offerings, which in turn has begun to impact private financing rounds and upped anticipation of a surge in dealmaking.

A recent survey of 100 biotech financing executives, conducted by accounting firm BDO, found that 33% are planning to pursue acquisitions in 2022, versus 6% for IPOs. Still, the pace of deals hasn’t picked up considerably compared to last year, however, with 14 acquisitions so far this year versus 11 by this time a year ago, according to data compiled by BioPharma Dive.