Biotechs have seen their valuations take a plunge, triggering layoffs and pipeline cuts, but Big Pharma is not yet tempted to go on an M&A spree. CEOs of many of the world’s biggest pharma companies point out that biotech prices still have a way to drop before they become truly attractive buys. Also under discussion is Fierce's annual report on the highest paid biopharma R&D executives. This year, the list doesn’t look anything like it has in the past except for the fact that it continues to be comprised of white men. And the quarterly earnings calls are the buzz around the newsroom this week—but not in the way you might think.

To learn more about the topics in this episode:

• Big pharma resisting temptation for biotech M&A spree until prices drop further
• The top 10 highest paid biopharma R&D executives in 2021
• Novavax executives' pay comes back down to Earth after 8-figure package in 2020
• Starting gun? $11.6B M&A domino falls as Pfizer scoops up Biohaven for phase 3 migraine nasal spray
• Novartis halts US production of cancer radiotherapies, citing potential quality issues
• Eisai wraps filing for Biogen-partnered Aduhelm follow-up, hoping to regain 'credibility and trust'
• Illumina steps deeper into drug discovery with Deerfield, Janssen partnerships
• Seagen CEO Clay Siegall put on leave after domestic violence arrest
• Moderna's new CFO out the door after former employer discloses accounting probe
• Inovio CEO departs, leaving Jacqueline Shea in charge of 'particularly challenging period' in the DNA vaccine biotech's history
• Insulet to swap CEOs amid Omnipod 5 insulin pump rollout
• 'Who wants to make money?' Court documents outline wild fraud scheme targeting

The Top Line is produced by senior multimedia producer Teresa Carey with Editor-in-Chief Tracy Staton, Managing Editor Querida Anderson, senior editors Annalee Armstrong, Ben Adams, Conor Hale and Eric Sagonowsky. The sound engineer is Caleb Hodgson. The stories are by all our “Fierce” journalists.