Six biopharma deals, each valued between $5 billion and $15 billion, were completed during the first half of 2026. This period also included GSK's agreement to acquire Nuvalent, a U.S. oncology biotechnology company, for $10.6 billion.

Public equity markets are now accepting listing applications from biotechnology companies after several years of lower transaction volumes. Despite this, investors are more selective than during the pandemic-era boom, according to Juha Anjala and Roy Wouters, co-heads of healthcare investment banking for the EMEA region at JPMorgan. Anjala and Wouters stated, "The IPO window has reopened for high-quality biotech companies, but investors are far more selective than they were during the pandemic-era boom."

Wouters said, "In some cases, companies are ready to list, only to be bought by large pharmaceutical groups before reaching the public markets." Anjala stated, "Strategic buyers are out there looking to deploy capital to deepen their pipelines." He also said, "Shareholders are increasingly supportive of M&A as a way to drive growth," and "Shareholders are challenging management teams to do more deals."

Investor capital is now primarily directed towards companies with leading market positions. In 2025, EY reported that 38 percent of new drug approvals were for first-in-class products. Biotechnology companies are also adopting new financing approaches, including royalty agreements for assets that are not yet on the market, according to EY.

Transaction valuations and initial payment amounts within the biotechnology sector have increased, according to Roy Wouters. He stated, "People are just willing to put more capital at risk in terms of the upfront payment because they have to, because of the competition around those assets." Corporate boards are reviewing transaction details before granting approval for deals. JPMorgan reported seven biopharma deals valued between $5 billion and $15 billion in 2025.