M&A deal volume and value for 2012 fell below the record-breaking numbers of 2011, but still outpaced the 12-year average of 2000-11. Last year, the total value of completed transactions reached $43 billion - the fourth largest - vs. $80 billion in 2011 and the 12-year average of $29.9 billion. The year saw 70 transactions close, including private deals where financial terms were not disclosed, compared to 92 in 2011 and the 12-year average of 66 per year. Eighteen public biotechs were acquired for a total of $30.6 billion, of which 54% of the value came from the $11.2 billion takeout of Pharmasset Inc. by Gilead Sciences Inc. (NASDAQ:GILD) and the $5.3 billion takeout of Amylin Pharmaceuticals Inc. by Bristol-Myers Squibb Co. (NYSE:BMY). This compares to the 12-year average of 18 public takeouts for $24.8 billion per year.

Fifty-two private biotechs were acquired last year, compared to the 12-year average of 48. Purchasers spent $12.6 billion in total for the 43 deals where financial terms were disclosed, easily out-pacing the $5.1 billion 12-year average. The aggregate value was helped by $1 billion-plus acquisitions of Boston Biomedical Inc. and Enobia Pharma Inc. - both of which were milestone-heavy deals. Dainippon Sumitomo Pharma Co. Ltd. (Tokyo:4506; Osaka:4506) acquired cancer stem cell company Boston Biomedical for $200 million up front, plus up to $540 million in development milestones and up to $1.9 billion in sales milestones. Alexion Pharmaceuticals Inc. (NASDAQ:ALXN) acquired bone disease company Enobia for $610 million up front and up to $470 million in milestones.

The data include completed acquisitions of companies developing and/or selling therapeutics; announced deals that haven't closed aren't included. The data also exclude deals in the agbio, diagnostics, generics, supply/service and veterinary segments, as well as reverse mergers, acquisitions of big pharma, and acquisitions of divisions/subsidiaries. Deal values include milestones. (A) The total number of private deals includes those with undisclosed values, while the the total value of private acquitions includes only the 43 deals where the terms were disclosed