With biotechnology stock indexes down nearly ten percent and little IPO appetite, companies’ access to fresh capital is particularly constrained, creating opportunities and challenges for those fortunate firms with enough capital to pursue M&A as valuations have declined. Past biotechnology business cycles offer lessons, adjusted by recent clinical success trends, to identify critical success factors for strategic M&A for both the acquirer and acquired parties. Learn from experienced deal makers about what types of M&A makes most sense in this market for keeping clinical pipelines active on behalf of patients when alternative capital sources are unavailable.