制药公司正在为医学的未来进行投资 2025年和2026年的生物制药交易

Wherepharmaisinvestingfor

thefuture

ofmedicineBiopharmadealmakingin2025and2026Novartispursues

strategicplatform

acquisitions

inRNA,degraders

andradiopharmaceuticals17

Neuromusculardisease:

RNAplatformsatcenter

stage18Cardiovasculardisease:

long-acting

siRNAs

and

novelmechanisms20

Oncology:next-generationPI3K

and

radiopharmaceuticals21Immunologyand

allergy:protein

degraders

andnovelmechanismsMerck

fortifies

oncology

while

diversifying

into

immunology

andrare

diseases22Hematologyand

blood

disorders24

Keytruda

fortressexpansion24Neurology

andrare

disorders25Immunology

and

inflammatory

diseases:

TL1Aand

noveldiscovery

platforms25Pulmonarydisease:de-risked

commercial

assets04

Introduction07

Financing

activity

declined

through

2025before

early2026recovery08

Pharmalocks

in

innovation

pipelines

with

strategicpartnerships09GSKled2025deal

values

withmulti-programHengruipartnership

valuedat

$12.5bn10Takeda

strengthens

its

late-stage

oncology

pipeline10

BioNTech

validatesoncologypivot

whileBristolMyers

Squibbgains

late-stagebispecific11

Recorddeal

values

in

early

2026

continue

a

strategic

shift

tomega-partnerships12

M&Aholds

steady

asbuyers

fillpipeline

gaps1722Contents34

Bigpharma'sAIpivotand

implicationsforbiotech34

Techgiantsbecome

strategicpartners34Hedgingbetsacross

theAIlandscape35

Reimaginingthebiotechintermediary36

Globalresearchlandscape

shiftsasU.S.policyuncertaintycontinues36

2025'sfundingrisisyields

2026'sstructuralshifts36

Immigrationpolicy

compoundsfunding

disruption37EuropeandCanadacapitalizeonU.S.instability37Implicationsforpharma

andbiotechpartnerships38

KeytakeawaysEliLillyandCo'sspending

spreebuildsbeyondobesity27

Oncology:precision

platformsandnext-generationCAR-T28

Sleepdisorders:thenextopportunity28

Immunologyandinflammation:oralalternativestobiologics29

Genetherapy

andrare

disease:earlybetsontransformativeplatforms29Metabolicdisease:expandingthe

franchise

beyondGLP-1RAsMainlandChina'sgrowingrole

asapharmainnovationsource32Mega-dealsreshape

partnershipmodels33PD-1/VEGFbispecifics

andADCsdominate

deal

flow2631However,

financingactivity

told

amore

cautious

story,with

totalbiopharmafinancingsdeclining

to

$81.21bn

in2025,down

from$102bn

in2024,beforerebounding

inQ1

2026

withIPOsmore

thandoublingyear-over-yearand

follow-on

offerings

tripling

to

$9.3bn.Thedeal-making

surgereflectsnotmerelyareturnofcapitalbuta

fundamental

shift

in

how

largepharmacompaniesaresecuringtheircompetitive

futures:

through

fewer,largerandmorestrategicallyconcentratedpartnershipsthat

prioritize

platform

access,geographicdiversification

andtherapeutic

franchisebuilding.Severalconverging

forcesaredrivingthis

transformation.Patentcliffscontinue

toloomlarge,

withblockbusterexclusivitylosses

threateningrevenuestreams

across

multiple

therapeuticareas.Leadingcompaniesarepursuing

partnershipsthatdelivermultipleassets,platform

technologies

orentire

therapeuticpipelines

in

single

transactions,

inaddition

to

searching

for

thenextblockbusterasset.The

top

tendealsof2025

aloneaccounted

foralmost

$75bn

inpotential

value,withGSK's$12.5bnHengruiPharmacollaboration,

Takeda's$11.4bnInnoventBiologicspartnership

andBioNTech's$11.1bnalliancewith

BristolMyers

Squibbexemplifyingthisconcentratedapproach.Theyear'sdeal-makingalsorevealed

clear

therapeutic

andgeographicpriorities.Oncologymaintained

itsdominance,particularly

innext-generationmodalities

including

antibody-drugconjugates

(ADCs),bispecific

antibodies

andradiopharmaceuticals.Immunology

emergedasamajor

focusarea,

withcompaniespursuingoralalternatives

to

injectablebiologics,novelprotein

degraders

andprecision

immunemodulators.Meanwhile,

themetabolic

disease

landscape

expanded

beyondGLP-1receptoragonists(RAs)toencompass

complementary

mechanismsaddressingmuscle

preservationand

once-monthly

dosing

innovations.Thegeographicrebalancing

ofinnovation

sourcinghasdominatedrecent

industrynews.MainlandChina's

shareofglobalout-licensingdealshave

grown

significantlyover

thelast

fiveyears,drivenby

compelling

economics

and

AI-integrateddiscoveryplatforms.IntroductionThebiopharmadeal-makinglandscape

in2025-2026

marked

areturn

to

strategicboldness.

Afternavigating

theuncertaintiesof2024,thesectordeliveredaresoundingvalidationofinnovation-ledgrowthstrategies:2025dealvaluesreachedarecord$292.6bn,representinga27%

increaseover

theprior

year

and

thehighest

annual

total

inBioWorld'srecords.27%increaseindealvaluesin

2025comparedwith2024.4However,deal

volume

continued

itsgradualdecline

to312

transactions,down9%year-over-year,underscoring

the

ongoing

concentration

toward

fewer,

higher-valuestrategicpartnerships.However,

thisresurgenceunfoldsagainstabackdrop

of

emerginguncertainties

that

could

reshape

thesector's

trajectory.

The

pharmaceuticalindustry'sacceleratingpivot

towardartificial

intelligence(AI),reflectedby

Novo

Nordisk's

OpenAI

partnership,EliLillyandCo'sNVIDIAco-innovationlabandMerck's

$1bnGoogleCloud

collaboration,raises

fundamentalquestionsaboutbiotech's

traditional

roleasan

innovation

intermediary.If

AIplatformscandirectlygenerate

promising

targetsandmolecularcandidates,

thedecades-oldmodel

ofpharmarelyingon

biotechstartups

forearly-stage

innovationmay

require

reinvention.Simultaneously,

theglobalresearchecosystem

that

feedspharmaceuticalinnovation

isexperiencing

significantdisruption.OngoingU.S.government

funding

instability,combined

withimmigrationpolicychanges

affectingscientific

talentrecruitment,hastriggeredameasurable'braindrain'asresearchersand

institutionslookabroad.Theseshiftscouldpermanentlyalterwhere

future

therapeuticbreakthroughs

emergeand

whichnationslead

thenextgeneration

of

drug

discovery.Thepharmaceutical

industryisexecutingamore

confident,globallydiversified

and

strategicallyconcentrated

approach

toexternalinnovation—one

thatprioritizesplatformaccess,

favorsestablishedpartnershipsover

transactionalrelationshipsand

increasinglylooksbeyond

traditionalWestern

innovation

hubs.Companies

that

can

effectivelynavigate

AI

integration,geopoliticalcomplexity

andevolving

talentlandscapes

while

maintaining

disciplined

capitalallocation

willbebestpositioned

toleadbiopharma'snextgrowth

cycle.Majorpharmacompaniesarenolongersimplyaccessing

theChinesemarket;theyaresystematicallyminingMainlandChina's

innovation

ecosystem

forfirst-in-class

andbest-in-classcandidates,

with

deals

announced

in

2025

and

2026

such

asBristolMyers

Squibb's

$15.2bn

HengruiPharma

deal,

AstraZeneca's$5.3bn

CSPCPharmaceuticalcollaboration

andEliLilly

and

Co's$8.9bnInnoventBiologicspartnershipdemonstrating

this

strategicpivot.TheM&Alandscape,

althoughrecordinglower

total

values

thandeal-makingoverall($96.8bn

in2025,down10%

from2024),continued

the

industry'spreferenceto

fill

specific

pipelinegaps.Novartis,Merck

andEliLilly

andCoemerged

as

themostacquisitivebuyersover

thepastfive

years,eachpursuingdistinctstrategies:Novartisbuildingleadershippositions

inRNA

therapeutics

andprotein

degraders,Merck

fortifyingitspost-Keytruda

oncologyportfoliowhilediversifying

intopulmonarydiseaseandraredisordersandEliLillyandColeveragingGLP-1RAwindfall

profits

to

establish

next-generation

franchises

acrossoncology,

immunology

and

in

vivo

gene

therapies.Thismomentumcarried

into2026,with

first-quarterdealvalues

reaching$79.22bn,a17%

increaseoverQ12025and

the

strongestopeningquarter

inrecent

years.First-quarterdealvaluesreached

$79.22bn,a17%increaseoverQ12025and

thestrongestopeningquarterinrecentyears.5OurdatasourcesCortellisDeals

Intelligencecombinescomprehensivepharmadealdatawithpowerfulvisualizationstohelpyouquicklyassesscomparabledealterms’

benchmarkpricingandidentifypotentialpartners’sothatyou

cannegotiatethebestdeal.BioWorldisanindustry-leadingsuiteofnewsservicesdeliveringactionableintelligenceonthemostinnovativetherapeutics

andmedicaltechnologiesindevelopment.CortellisCompetitiveIntelligenceempowersstrategyandbusinessdevelopmentteamstomakecriticalportfoliodecisionsbackedbycomprehensivepipelineandpharmacompetitiveintelligence.Mike

WardGlobal

Head

of

Thought

Leadership’

LifeSciencesandHealthcareMatthew

ArnoldPrincipalAnalyst’LifeSciencesandHealthcareContributorsDataandinsightscurrentasofMay12’2026.6Biopharmafinancingactivity

showed

earlysignsofrecoveryinQ12026acrossmostcategories.IPOactivity

totaled$2.2bn,morethan

doubling

the$1.05bnraisedinQ12025andincreasing97%

fromQ4

2025's$1.11bn.Follow-onfinancingstotaled

$9.3bninQ1

2026,

tripling

the$3.07bnraisedinQ12025.Thestrong

startrepresentsoneofthehighestfirst-quartertotals

inrecentyears,exceedingboththe2025quarterlyaverageof$7.38bnandthe2020-2025

averageof$8.1bnperquarter.Private

financings

totaled$6.3bn

inQ12026,essentially

flatcompared

withQ12025's$6.32bn.SeriesBroundsaccounted

for

thelargestshareoftotalvalueat36%,followedbyseriesAat32%andseriesC+at

24%,whileseedroundscontributed

8%.Byvolume,seriesAdealsledat37%,followedbyseriesBat30%,seedroundsat20%andseriesC+at12%,indicating

thatalthoughcapital

valueremainsconcentratedinlater

stages,dealflow

continues

tobedrivenbyearlier-stagecompanies.Financingactivitydeclined

through2025beforeearly

2026recoveryPrivateventurecapitalactivitytotaled

$21.94bnin2025,

decliningmodestly

from2024's$23.63bn.Public/otherraisesreached$26.75bnin2025,edgingabove2024's$25.38bn,while

follow-onofferingstotaled

$29.54bn,

downfrom2024'speakof$46.1bnbuthigherthan2022-2023levels.Annualbiopharmafinancingvalues

declinedto$81.21bnin2025,downfrom$102bnin2024(Figure1).IPOactivityremained

particularlysubdued,withtotal

proceedsfallingto$2.98bn,thelowestlevelinrecentyears,

comparedwith$6.99bnin2024.2019202020212022202320242025

IPOs

Follow-onsPublic/otherPrivateSource:BioWorld$160bn$140bn$120bn$100bn$80bn$60bn$40bn$20bn0Figure1:Biopharmamoneyraisedsince20197PharmalocksininnovationpipelineswithstrategicpartnershipsIn2025,biopharmadealshitthehighestannualtotalinBioWorld'srecords,at$292.6bn,representinga27%increasefromthe$230.5bn

recordedin2024(Figure2).Thisvaluewasspreadoverfewerdealsthaninpreviousyears,withonly1,173transactionscompletedin2025

comparedwith1,429in2024,representingan18%decrease(Figure

3).Figure2:2025dealvaluessetaBioWorldrecord201720182019202020212022202320242025

Q1

Q2

Q3

Q4Source:BioWorldandCortellisDealsIntelligenceFigure3:Thenumberofbiopharmatransactionscontinuestofall201720182019202020212022202320242025

Q1

Q2

Q3

Q4Source:BioWorldandCortellisDealsIntelligence$300bn$250bn$200bn$150bn$100bn$50bnn0250020001500100050008PrincipalPartnerTherapy

areaDate

announcedPotential

value

($bn)HengruiPharmaGSKRespiratory,

immunology,

inflammationandoncology07/28/202512.5InnoventBiologicsTakedaOncology10/21/202511.4BioNTechBristol

Myers

Squibb

CoOncology06/02/202511.13SBioIncPfizerIncOncology05/19/20256.2XtalpiIncDovetreeOncologyand

othernondiscloseddiseases08/07/20256.0MonteRosa

TherapeuticsNovartisImmunology09/15/20255.8ZealandPharmaRocheMetabolic03/11/20255.6ArgoBiopharmaceutical

Co.LtdNovartisCardiovascular09/03/20255.4CPSC

Pharmaceutical

Group

LtdAstraZenecaImmunology

and

otherchronic

diseases06/13/20255.3Harbour

Biomed

TherapeuticsAstraZenecaImmunology

and

oncology03/21/20254.7Oncology

indicationsdominatedthe

top

deals

announced

in2025,while

immunologyhada

strongpresence(Table1).Capturingbothof

thoseareas,GSKleddealvalueswith

itsagreements

withHengruiPharma

todevelopup

to12programs

that

areexpected

to

complementGSK'srespiratory,

immunologyand

inflammation(RI&I)

and

oncologypipelines.Included

in

theagreements

isanexclusiveworldwidelicense(excludingMainlandChina,HongKong,Macauand

Taiwan)forHRS-9821,aPDE3/4

inhibitorto

treatCOPD

thathasshownpromisingefficacy

in

early

clinicalandpreclinicalstudies(Sami,2025b).Italsocouldbeadministered

via

aconvenient

dry-powder

inhaler

(DPI)

formulation,

fittingnicely

intoGSK'sestablishedportfolio.GSKalsogains

access

to11additionalprograms

indevelopment,each

with

individual

financialstructures.

Theagreements

overallcommanded

$500mupfrontwithup

to

$12bn

in

potentialmilestones.Development

of

theseprograms

throughcompletion

ofphase1

trials

is

theresponsibilityof

HengruiPharma,whileGSKretains

theexclusive

option

for

furtherdevelopment

andcommercialization

at

theendofphase1orearlier.GSKled2025dealvalueswithmulti-program

Hengruipartnershipvaluedat$12.5bnTable1:Top

ten

biopharma

deals

announced

in2025bytotalpotentialvalueSource:CortellisDealsIntelligence9Inanotherdealfocusedononcology,

BioNTechandBristolMyersSquibb

agreedtoan$11.1bncollaboration

aroundpumitamig(BNT-327/BMS986545),abispecificantibody

targetingPD-L1andVEGF,whicharetwowell-establishedtumorgrowthmechanisms.BioNTechacquiredpumitamigthroughits$950mpurchaseofMainlandChina-basedBiotheusinNovember

2024.Thecompanieswillsharedevelopmentcostsandprofitsforthreeindications:first-lineextensive

stageSCLCandNSCLCandtriple-

negativebreastcancer(allinphase

3trials).Bothpartiesretain

rightstoindependentlydevelopBNT-327

foradditionalindicationsand

incombinationwithproprietaryassets.Laterintheyear,TakedaandInnoventBiologicsannounceda

collaborationworthupto

$11.4bn

tocodevelopandcommercialize

up

to

three

immuno-oncologyand

ADCassetstargeting

solid

tumors

(Chu,2025b).

Thedealcenters

on

twophase3candidates:IBI-363,apotentiallyfirst-in-classPD-1/IL-2-biasbispecificantibody

fusionproteinbeingevaluatedinlate-stage

developmentfornon-smallcelllung

cancer(NSCLC)andcolorectalcancer,andIBI-343,anext-generation

Claudin18.2-targetingADCinphase3trials

forgastriccancer

and

showing

promiseforpancreaticcancer.Takeda

also

secured

an

exclusiveoptionforIBI-3001,anearly-stageThedealstructureincludes$1.5bnupfrontplus$2bninnon-contingentpaymentsspread

annuallythrough2028,withBioNTecheligibleforanadditional

$7.6bnindevelopment,regulatory

andcommercialmilestones.Thispartnershipwasstrategically

importantforBioNTech,validatingitsoncologypipelinebeyondCOVID-19vaccinesandstrengtheningitsfinancialposition.

ThedealalsoprovidesBioNTech

accesstoBristolMyersSquibb'sestablishedimmuno-oncologyexpertise,helpingtoacceleratea

promisingassetinacompetitive

bispecificclasswhererecentcomparabledealsdemonstrated

significantindustryinterest.bispecificADCtargetingEGFR

and

B7H3currently

inphase1trialsforlocallyadvanced

ormetastaticsolidtumors.Inadditionto$1.2bnupfront,InnoventBiologicscouldreceive

upto$10.2bnindevelopment,

regulatoryandcommercialmilestones,plusroyalties.ThisdealstrengthensTakeda'soncologypipelinewithlate-stage,

potentiallybest-in-classassetsin

high-mortalitycancers,leveraging

Takeda'sexpertiseinoncologymodalitiestoaccelerateprograms

thataddresslongstandingunmetneedsacrossmultiple

solidtumorindications.BioNTechvalidatesoncologypivotwhileBristolMyersSquibbgainslate-stagebispecificTakedastrengthensitslate-stageoncologypipeline10PrincipalPartnerTherapy

areaDate

announcedPotential

value

($bn)HengruiPharmaBristolMyersSquibbOncology,hematologyandimmunology05/12/202615.2InnoventBiologicsEliLillyandCoImmunologyandoncology02/10/20268.9RemeGen

CoLtdAbbVieOncology01/12/20265.6CSPC

Pharmaceutical

Group

LtdAstraZenecaImmunology01/31/20264.7RibocurePharmaceuticalsMadrigalPharmaceuticalsIncHepatology02/11/20264.5InsilicoMedicineIncEliLillyandCoMultiple03/29/20262.8EarendilLabsIncSanofiImmunologyand

inflammation01/05/20262.6Genevant

Sciences

and

ArbutusBiopharma

CorpModernaInfectiousdiseases03/03/20262.3Quotient

TherapeuticsMerckInflammationandgastrointestinal03/24/20262.2Vivtex

CorpNovoNordiskEndocrine/metabolic02/25/20262.1Thisreflects

the

increasinglyselective

deal-makingenvironment

wherefewer,larger

transactionsdominate:29dealsvaluedat

$1bn

ormorehavegeneratednearly$80bnasofMay12,2026,representingmore

thanthree-quartersofdealsannouncedso

far

thisyear.

Thisconcentrationmirrorsrecentquarters,

withblockbusterdeals

comprising71%ofQ42025value

and78%

of

Q3

2025

value,underscoring

thecontinuedshift

towardhigh-valuestrategicpartnershipsoversmaller

transactions.Biopharmadeal-makingopened

2026withstrongmomentum,reaching$79.22bninQ1,a17%increasefromQ12025($67.6bn)andthehighest

first-quarter

total

recordedbyBioWorld

inrecentyears.At$31.16bnintotal

value

for

deals,Januaryrankedthehighest

firstmonthin

thepasteightyears.However,dealvolumedeclinedapproximately9%to312transactions

from344in

Q12025,

continuingagradualdowntrendfrom

2020-2021.Recorddealvaluesinearly2026continue

astrategicshifttomega-partnershipsTable2:Toptenbiopharmadealsannouncedin2026(asofMay12),bytotalpotentialvalueSource:CortellisDealsIntelligence11201720182019202020212022202320242025

Q1

Q2

Q3

Q4Source:BioWorldandCortellisDealsIntelligenceBiopharmaM&Avolumereached33

transactions

in

the

fourthquarterof2025’bringingthefull-yeartotalto119deals(Figure5).Full-yearM&Avolumewaslargelyflatyearoveryearcomparedwith120transactions

in2024’though

itremainedbelow

thehigherlevelsrecordedearlier

in

thedecade.Figure5:M&Avolumein2025remainedsteadyM&AholdssteadyasbuyersfillpipelinegapsUnlike

thesurge

indealvalues’biopharmaM&Avaluedropped

10%fromthe$108.1bn

in2024to$96.81bn

in2025’

continuing

thedownward

trajectory

from

thehigh

in2019(Figure

4).Figure4:ThepotentialM&Avaluein2025decreased10%from2024200180160140120100806040200

Q1$240bn$180bn$120bn$60bn0Source:BioWorldandCortellisDealsIntelligence2019Q42018Q32017Q220222020202520232021202412NovartisMerckEli

Lilly&

CoSanofiAstraZenecaAbbVieJohnson&JohnsonNovo

NordiskPfizer

IncConcentraBiosciences

LLCLargepharmacompaniesledthebuyingmomentumoverthelastfive

years(Figure6).Novartis,Merck,EliLillyandCo,Sanofi,AstraZeneca

andAbbVieallhadatleasttenM&Asin2021-2025.Atnumber

one,Novartis'15transactionstotalledupto$24.4bn,whileMerckspentmore,reachingup

to$55.2bnfor14transactions.

Meanwhile,EliLillyandCocommittedtoonly$15.6bnfor

its13M&Asthatplaceditatthe

numberthreespotforvolume.0246810121416NumberofM&AsFigure6:Top10buyersintermsofthenumberofM&As,2021-2025Source:CortellisDealsIntelligence13TargetAcquirerFocusDate

announcedPotential

value

($bn)Intra-Cellular

TherapiesIncJohnson&JohnsonNeurology01/23/202514.6AvidityBiosciencesIncNovartisNeurology10/26/202512.5VeronaPharmaplcMerckCardiopulmonary07/09/202510.0MetseraIncPfizerIncObesity09/22/202510.0Blueprint

Medicines

CorporationSanofiImmunology06/02/20259.5Cidara

Therapeutics

IncMerckInfectiousdiseases11/14/20259.2MerusGenmabOncology09/29/20258.0Akero

TherapeuticsIncNovoNordiskHepatology10/09/20255.2Amicus

TherapeuticsBioMarinPharmaceuticalIncRarediseases12/19/20254.8SpringWorks

TherapeuticsIncMerckOncology04/28/20253.9However,Johnson&JohnsonledthepackintermsofM&Avaluesrecordedin2025(Table3).BuyingIntra-CellularTherapiesforanequityvalueofabout$14.6bn,Johnson&JohnsonacquiredtherightstoCAPLYTA®(lumateperone),aonce-dailyoraltherapyapproved

foradultswithschizophreniaaswell

asdepressiveepisodesassociatedwithbipolarIorIIdisorder(Osborne,

2025a).Johnson&Johnsonsawthisassetasanaturalfitwithintheir

existingneuropsychiatricportfolio.Table3:Top

ten

biopharma

M&A

transactions

announced

in2025by

total

potential

valueSource:CortellisDealsIntelligence14ActualsForecastsAlthoughCAPLYTAsaleswere

relativelyflatforthefirstyearof

Johnson&Johnsonownership,

Clarivateanalystsforecastsales

of>$1.2bnannuallyby2031.AlthoughCAPLYTAsaleswererelativelyflatforthefirst

year

ofJohnson&Johnsonownership,Clarivateanalystsforecastsalesof>$1.2bnannuallyby2031(Figure7).Inaddition,Johnson&JohnsongainedaccesstoITI-1284,aphase2candidateundergoingtests

ingeneralizedanxietydisorder(GAD)andAlzheimer'sdisease(AD)-relatedpsychosisandagitation.Figure7:ActualandClarivateanalyst-forecastedglobalCAPLYTAsalesSofarin2026,SunPharmaceuticalIndustriesofMumbai,India,topstheM&Alistwith

itsofferof$11.75bn

forOrganon,

a

company

focused

on

women'shealth(Table

4;Chu,2026).A

spin-off

fromMerck,Organon'sproducts

includeNexplanonandNuvaringaswellasover-the-counter(OTC)brandssuchasClaritin,PropeciaandSingulairandbiosimilardrugslikeHadlima(dalimumab-bwwd),Ontruzant(trastuzumab-dttb)andPoherdy(pertuzumab-dpzb).

Intra-Cellular

TherapiesIncProformaJohnson&JohnsonSource:CortellisCompetitiveIntelligence2021202220232024202520262027202820292030203120321,2001,0008006004002000USD($m)15TargetAcquirerFocusDate

announcedPotential

value

($bn)OrganonSunPharmaceuticalIndustries

LtdWomenIshealth04/26/202611.8ArcellxGileadSciences(Kite,a

Gileadcompany)Oncology02/23/20267.8CentessaPharmaceuticalsplcEliLillyandCoSleepand

wakedisorders03/31/20267.8KeloniaTherapeuticsIncEliLillyandCoOncology04/20/20267.0Terns

Pharmaceuticals

IncMerckOncology03/25/20266.7Apellis

Pharmaceuticals

Inc.BiogenImmunology,rarediseases03/31/20265.6TubulisGileadSciencesOncology04/07/20265.0PikavationTherapeuticsInc,awholly-ownedsubsidiaryof

SynnovationTherapeuticsLLCNovartisOncology03/20/20263.0SolenoTherapeuticsIncNeurocrineBiosciencesIncEndocrinology,rarediseases04/25/20262.9DayOneBiopharmaceuticalsIncServierOncology03/06/20262.5Table4:Top

ten

biopharma

M&A

transactions

announced

in2026(asofMay6),bytotalpotentialvalueSource:CortellisDealsIntelligence16Novartispursuesstrategicplatform

acquisitionsinRNA,degradersandradiopharmaceuticalsofAvidityBiosciencesannounced

inOctober2025’

thesecond-largest

dealof

the

year’signals

itscommitment

tobecoming

the

leaderinRNA-basedtreatments

for