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Biotech M&A: Trends and 2026 Outlook

By Sara Mallatt, Director of Healthcare Research and Sean Carmichael

After years of market headwinds, biotech is rebounding. Economic and policy uncertainty had driven valuations to historic lows with nearly half of U.S. biotechs trading below cash by mid-2025. Now, a surge in M&A is reversing the trend as Big Pharma turns to acquisitions to offset patent losses and fuel innovation.

Our latest report explores the key forces behind this rebound, from the rise of megadeals like Johnson & Johnson’s $14.6 billion Intra-Cellular acquisition to Pfizer’s reentry into obesity treatments with its $7.4 billion Metsera deal. We also dive into the shifting regulatory lanscape, easing interest rates, and the new therapeutic focus areas shaping biotech’s next chapter.

About the Authors
  • Sara Mallatt

    Sara Mallatt, Director of Healthcare Research

    Sara has more than 18 years of experience generating sell-side research content across a variety of industries. Prior to joining AlphaSense, Sara held leadership positions at OTR Global, a leading channel research firm, most recently as Director of Healthcare Research. Sara holds a bachelor’s degree in journalism and a master’s in industrial engineering. She works from her home in Missoula, Montana.
  • Sean Carmichael

    Sean Carmichael

    Sean is a Business & Finance Editor at AlphaSense, specializing in sector-specific content production. Previously, he spent nearly a decade in various roles across financial services, where he was responsible for equity research and content generation geared toward institutional investors.

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