Investment bankers are reporting a slowdown in large pharmaceutical and biotech mergers and acquisitions (M&A) as executives navigate the unpredictable economic policies of the Trump administration. Leading M&A advisers on Wall Street have expressed concerns that the anticipated surge in deals, driven by Trump's presidency, has not materialized. Factors contributing to this stagnation include policy uncertainty, particularly regarding tariffs, which have led companies to pause potential transactions. The current environment has effectively closed the IPO window and dampened the enthusiasm for M&A activity, with many in the boardroom reassessing their growth forecasts while still seeking opportunities. As a result, the optimism that followed the election has diminished, leaving industry leaders to question whether deals are merely delayed or effectively dead.