Share it Editor's note: This story is part of a series on the trends that will shape the industry in 2021. You can find all the articles on our trendline. Biopharma dealmakers had tempered their excitement heading into last year. After 2019 brought an unprecedented amount of activity, the odds of having another record-breaking stretch — especially so soon — looked slim. They also felt that with the upcoming U.S. presidential election and its potential impact on drug policy, some companies would take a wait-and-see approach to deals. What they hadn't planned for was dealmaking grinding to a halt as a once-in-a-century pandemic took hold.