It’s useful to review deal trends periodically to gain insight in how behaviours are changing from the perspective of numbers and value of deals as well as how emphasis shifts from one therapeutic area to another. The majority of small and mid-size development companies will still seek a deal with one of the major pharmaceutical companies in order to commercialise their asset. In recent times, we have seen the economic downturn, patent expiries and expensive late stage drug development failures. But is there the possibility that things are turning around and we should expect an upturn in deal numbers and values? In this context, we have used the ReCap IQ database (Thomson Reuters) to review the deal trends for big pharma going back 10 years to 2004 to see what it tells us.