Organizers expect that the four-day JPMorgan Healthcare conference, starting on Monday, will gather more than 8,000 people, including delegations from the world’s largest drug manufacturers, signaling a return to normal business conduct after last year’s reduced participation due to COVID-19 concerns.

Just last month, drug makers including AbbVie (ABBV.N), Bristol Myers Squibb (BMY.N), and AstraZeneca (AZN.L), announced biotechnology deals worth about $25 billion in the U.S., according to data from LSEG Deals Intelligence.

Overall, global merger and acquisition activity in the healthcare sector increased by 8% year-on-year to $365 billion in 2023, which is below the average of the previous five years at $432 billion, calculated by LSEG.

“Recently, we have seen a surge in mergers and acquisitions, we are observing a rebound in stocks against the backdrop of market recovery and falling interest rates,” said JPMorgan’s global head of investment banking Mike Gaito, who will interview CEO Jamie Dimon on the opening day. “People are open for business.”

Two deals that epitomized this in 2023 were Roche’s (ROG.S) acquisition of Carmot Therapeutics for $2.7 billion (CRMO.O) and Eli Lilly’s acquisition of Versanis Bio for up to $1.93 billion, which strengthened the manufacturer’s Mounjaro obesity drug lineup.

The annual conference at the Westin St. Francis Hotel in San Francisco will feature small drug manufacturers and companies from all corners of the healthcare industry, such as medical insurance companies and medical equipment manufacturers.

Investors will be meeting with companies in public and private venues.