Skip to content
Resources > Reports

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, 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 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.

Explore more

APAC Macro Briefing 2026: Risk Meets Opportunity

In this report, we show how resources and workflows available in the AlphaSense platform can help contextualize the APAC macro environment, exploring the key implications for corporate leaders and investors across sectors.
Title slide for "APAC Macro Briefing 2026: Risk Meets Opportunity" with a map of the Asia-Pacific region.

Top AI Use Cases for Private Equity

In this report, discover how private equity teams are leveraging AI to accelerate conviction with speed. With purpose built, AI-driven solutions like AlphaSense, teams are gaining a competitive advantage with custom workflows and unmatched content sets for the most differentiated deal intelligence.
Top AI Use Cases For Private Equity by Barb Tague, Financial Research Leader. Illustration featuring isometric buildings and currency symbols.

AI in Drug Development 2026: From Experimentation to Execution

Learn how AI is reshaping drug development in real time, turning AI execution into a key competitive differentiator.
Presentation slide titled "AI in Drug Development 2026: From Experimentation to Execution" by Sara Mallatt and Sean Carmichael, with line art of laboratory equipment.

Transform intelligence
into advantage

Develop bold strategies, seize opportunities,
and lead with clarity and confidence.