A&M is pleased to present our 2025/2026 annual report on the state of the global biopharmaceutical sector. This comprehensive analysis explores the rebound in M&A activity, shifts in venture capital strategy, and the innovative approaches shaping today’s dealmaking environment.

The biopharma industry demonstrated remarkable momentum in 2025, with dealmaking accelerating as leaders moved assertively to refresh pipelines and secure future growth. Against this backdrop, companies are re-evaluating deal strategies to capture emerging opportunities and navigate pressures from looming patent cliffs.

Key findings include:

• M&A activity saw a significant rebound, with aggregate deal values surpassing $143 billion as acquirers focused on de-risked, clinical-stage assets.
• Creative deal structures, notably spin-merges and CVRs, continue to remain prevalent to unlock value while mitigating risk.
• Venture-backed biotechs increasingly favored exits through M&A over IPOs, reflecting a strategic pivot in a selective capital market.
• China continues to solidify its position as a key innovation partner, with in-licensing deal activity doubling from 2024 as the ability to leverage China’s maturing biotech ecosystem remains attractive for global pharma.
   

Download the 2026 Biopharma Deal Trends Report