According to Bain & Company's Global Healthcare Private Equity Report 2015, the dearth of large $1 billion-plus deals and the crowds gathering at auctions, large funds have invested down-market, acquiring early-stage and middle market assets. "There are changes in corporate buyers looking at how they can participate to reposition," said Nirad Jain, a partner with Bain and author of the report. "We have seen auction processes for assets where you've had corporates involved and it makes it more competitive."