French pharmaceutical company Sanofi has examined acquisitions opportunities but does not view deal-making as "indispensable" to its future, its chairman told French paper Les Echos in an interview.
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"We looked at potential deals but found the asking prices to be too high for the businesses," said Sanofi Chairman Serge Weinberg.
"We have opted for a balanced a strategy of innovation and diversification that makes acquisitions not indispensable."
The global pharmaceutical industry has been consolidating in recent years as companies seek to replace drugs that are losing patent protection and renew their pipeline with new products.
Through early March, M&A transactions targeting biotech and pharma companies reached $59.3 billion this year, a 94 percent increase over the same period a year ago and the highest volume for this stage in any year since 2009.
(Reporting by Leila Abboud; Editing by Miral Fahmy)