Acting as Australian and New Zealand legal advisers for Wyeth on its merger with Pfizer, announced 26 January, the firm points to media reports the merger is the biggest M&A deal in the world at the present time. 

The deal "shows confidence in 'big-pharma' and the consolidation demonstrates the value of intellectual property rights, research and development, innovation pipeline, know how and consumer brands in the all important healthcare market," Mallesons partner Katrina Rathie and Sharon Henrick said in a joint statement. 

This is just one in a string of recent mega-mergers of biotech firms in the US and Europe, despite global M&A activity generally being 50 per cent lower than 2007 levels, according to Thomson Reuters compiled data. 

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Activity in pharmaceuticals and life sciences globally, however, has seen a five-fold increase. Reports claim cash-rich companies that have earned well from patented medicines have been buying up struggling rivals. 

The Wall Street Journal reports that large M&A deals such as this have boosted merger activity as well as the bond markets, as the companies seek financing to close the deals.