JP Morgan and Goldman Sachs have strengthened their positions as the top mergers and acquisitions advisers to the pharmaceuticals industry after landing their fourth multi-billion dollar mandate of the year. It means the Wall Street giants have worked on all but one of the five largest deals in the sector since January.

The banks have been appointed as advisers on US drugmaker Bristol-Myers Squibb's $2.4bn (€1.7bn) acquisition of biotechnology group Medarex, which was announced yesterday in a statement from the two pharmaceutical groups. Bristol-Myers Squibb is paying $16 per share in an all-cash deal.