Large pharmaceutical companies are acquiring biotechnology firms at a record pace and volume in 2024. According to Stifel data, they have already purchased 37 biotech companies with a total value of at least one billion dollars, surpassing last year's record of 35 acquisitions. The main drivers are the patent cliff, when pharmaceutical companies lose patent protection for lucrative drugs, and the FOMO effect, the fear that competitors will acquire potentially profitable biotech firms. An example is Eli Lilly's agreement to pay 3.8 billion dollars for biotech company AtaiBeckley. The total volume of biotech acquisitions reached 216 billion dollars in the first half of the year, double the same period last year. 2024 could become the second-largest year in history by acquisition volume in the pharmaceutical sector.