COVID-19 has introduced new challenges (and more attorneys) into the biopharma deal-making environment, but experts say the fundamentals for deal activity point toward a rebound. Companies that adapt quickly to changes – in communication, due diligence and deal structure – will make successful connections in a time of social distancing.

Alexion is a case study in the travails faced by a biotech with a single blockbuster as it tries to maintain its scale and transform itself into a sustainable business, without blowing billions on bad M&A.

The acquisition brings Alexion the bleeding reversal agent Andexxa, which execs called a synergistic addition to its portfolio – but analysts are struggling to see the match with Alexion’s chronic rare disease therapies.

Although the health technology assessment institute for England has provisionally recommended against the use of Europe’s first and only approved drug for reversing the effects of factor Xa anticoagulants, Portola believes it may now have the evidence needed to reverse this decision.