Biotechnology deals accounted for $27bn (€31bn) of the total of $61bn worth of disclosed deals in the pharmaceutical sector during 2001, or an unprecedented 44% deals, according to PricewaterhouseCoopers.

The value of deals in the pharma sector was down in 2001 from $109bn the previous year, but that included the $76bn formation in 2000 of GlaxoSmithkline. The number of deals was stable at 334 in 2001, compared to 341 in 2000. PwC corporate finance said that what has changed is the contribution of the biotechnology sub-sector.