Biotech dealmaking is set for a record year in 2026, driven by major drugmakers acquiring companies to strengthen their pipelines ahead of significant patent expirations. The first quarter of 2026 has already seen merger and acquisition (M&A) values reach $84 billion, a sharp rise from $44.4 billion the previous year. Experts attribute this surge to deep cash reserves, attractive valuations, and strategic urgency among pharma giants. Key players like Eli Lilly and Gilead Sciences are leading the acquisitions, focusing on oncology and other therapeutic areas, while companies leveraging AI in drug discovery are becoming prime targets. If this trend continues, total M&A for 2026 could exceed $250 billion, second only to the record of $328 billion in 2019.
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