After defying the biggest dealmaking downturn in a decade, Big Pharma is taking a breather. Pfizer CEO Albert Bourla announced that the company is pausing big acquisitions after spending $43 billion last year to acquire Seagen. This comes after a $50 billion deal streak at the end of last year, despite overall biotech M&A being down. However, the value of deals involving private biotechs has surged by almost 200%, according to Bloomberg data. Bourla emphasized the need to 'catch our breath' from large deals.