Partnership and licensing deal volume (253) in the first quarter was 8 percent greater than those recorded by BioWorld in Q1 2016 and their potential values, totaling more than $20.1 billion, was about 25 percent lower. Despite the drop in collective value for those deals that revealed their financing terms, the biopharma sector is showing no signs that it has lost its appetite for dealmaking. Also, the amount companies are willing to pay for access to assets is increasing, reflecting the competitive nature of licensing these days, particularly in hot sectors such as immuno-oncology (I-O).