Private biotechs raised a record-breaking $16.8 billion in 2018, blowing past the record $12.1 billion set the previous year.

While most of the top 10 are expected to defend their relative rankings into 2024, ambitious or inspired M&A deals could help companies lower on the list…

Amid new approvals last year, drugmakers also suffered R&D setbacks, cut research staff, rejigged their operations and refocused their pipelines.