Six pharma deals announced thus far in 2016 carried up-front values of $1 billion or more, down considerably from the high-volume, high-value M&A industry experienced the prior two years. Pharma manufacturers appear to be recalibrating – digesting previous acquisitions, adjusting to new biotech valuations and taking stock of the political and macro-economic climate – but fundamentals suggest pharma dealmaking will pick up. Pfizer’s $14 billion offer for Medivation might represent a turning point.

A report released May 19 from the industry organization confirms that oncology is attracting the most funding, while some other surprising therapeutics areas have become of interest to investors.

The speed with which TG Therapeutics burst on the scene, along with the impressive potency and safety of its novel combinations of cancer drugs, has perhaps blinded observers to the unique business model that has carried it this far.