生命科学更新 LIFE SCIENCES UPDATE 202609

03

Global

overview

O4

unitedstates

overview

o1

key

Takeaways

O5

canada

o7

Thechinese

Mainland

O8

Market

summaries

02

IndustryTrends

towatch

o6

Europeandthe

united

kingdom

Cushman&Wakefield3

capitalFlowingtoGlobalLifesciencesAccelerates

•VcFuncling+30%yoyandIpovolume+xyoy

•RecordM&AActivity,volume+3xyoy

•Licensingdeals+18%Yoy

•AIforDrugDevelopmentInvestments+49%yoy

canada

•Lifesciencessectoroutperformsthebroadereconomy

•Laborgrowthinlifesciencesoutpacesoverallemploymentgrowth

•clinicaltrialspipelinefocusedonlatemmstagetrials

GlobalLifesciencescRERebalancing

•LabandcGMpaskingrentsmmO.5%yoy

•overallvacancyrate+130basispointsyoy

•R&Dinvestmentsalesup2%yoy

unitedstates

•U.s.askingrentssoftenedmm5.3%Yoy

•overallvacancyrate+200basispointsyoy,butincreasesaredecelerating

•R&Dinvestmentsalesup4%yoy

•constructionpipelineispredominantlyBTS

•Jobpostingsacceleratedevenashiringslowed,ascompaniesstruggledtofillin-demandroles

•Emergingmarketsoffersignificantgrowthopportunities

Europeandtheunitedkingdom

•Europeanaverageprimelabrents+3.7%yyandinvestmentsalesvolume+48%yoy

•Intheuk'SGoldenTriangle,rentshaveremainedstablewithcompletionsup12%yoy

•ukleasingactivityexpectedtostrengthenintheseconchalfof2026

ThechineseMainland

•Thechinesemainlandbiomedicalmarketsizehasgrown45%inthelastfiveyears

•License-outactivityaccelerated+73%yoy

•Firsthalf2026class1innovativedruglaunchessurpassfullyear2025

Cushman&Wakefield5

sectorconfidence

M&ADealvolume

AverageDealsizeandcountofBillion-DollarDeals

w1H2H

source:BiopharmaDive,cushman&wakefieldResearch

•M&Aactivityacceleratedsignificantlyin

2026,deliveringoneofthestrongestfirst

halvesonrecord.Dealvolumetotaled$97.2billioninthefirsthalfof2026,nearlytriple

thelevelofthesameperiodin2025.

Notably,year-to-date(YTD)dealvolumehasalreadysurpassedfull-year2025activityandisonpacetomeetorexceed2023levels.

•Transactionsizealsoexpanded,withthe

averagedealsizeincreasingto$2.7billion,

up1o%yoy.Thisgrowthhasbeendrivenbyanotableriseinlargetransactions,including24dealsvaluedabove$1billionthehighestannualcountinmorethanfiveyears,with

theyearnotyetcomplete.Fourtransactionshaveexceeded$1obillion.

•CREimpact:ElevatedM&Aactivityreflectsgrowingconfidenceinthelifesciences

sectorandcontinuedplatform-building

amongcompaniespursuingstrategic

growth.Realestateimplicationsvaryby

transaction:consolidationcandrive

additionalleasingdemandthrough

expansionandoperationalscaling,butin

othercases,acquiredoperationsare

integratedintoexistingfacilities,reducing

occupancyrequirements.onbalance,

heightenedM&Aactivityisexpectedtobeanetpositiveforlifesciencesrealestate

demandoverthelongterm.

5

CONTENTS

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CONTENTS

GlobalBiotechLicensingDealsbypayeeRegion

APACEMEANorthAmerica

source:Laoiotech,cushman&wakefieldResearch

GlobalBiotechLicensingDeals

•Globalpartnershipactivitycontinuedto

accelerateinthefirsthalfof2026,withtotaldealvaluereaching$108billion,up18%yoy,reflectingdemandforstrategic

collaborationsacrossthelifesciencessector.

•Beneaththeheadlinegrowth,dealstructuresevolvedmeaningfully.upfrontpayments

declined33%yoyto$6.2billion,while

milestone-basedcommitmentsincreased8%to$76.1billion,underscoringagrowing

preferenceforperformancemmbasedrisksharing.

•Regionally,APAcfurtherstrengthenedits

positionasaleadingpartnershipdestination,attracting$65.7billionindealvalue.china

remainedtheprimarydriver,accountingfor$61.8billionofthatactivityandreinforcingitsexpandingroleintheglobalbiopharmainnovationecosystem.

•CREimpact:Theriseinpartnershipactivityhasstrengthenedindustryconfidenceand

providedemergingbiotechnology

companieswithanincreasinglyimportantalternativefundingsourceamidamore

selectiveventurecapitalenvironment.BYextendingoperationalrunway,strategicpartnershipscansupportworkforce

expansion,R&Dgrowth,andincrementalleasingdemandascompaniesscaletheirplatforms.

mQ1Q2nQ3.Q4

Cushman&Wakefield6

CONTENTS

02

CONTENTS

MSCIworldIndexes

MSCIworldpharm,Bio&LifesciMSCIWorld

source:pitchBOOKData,Inc.,MSCI,cushman&wakefieldResearch;*DatahasnotbeenreviewedbypitchBookanalysts

publicofferings

•AfteramutedIpoenvironmentin2025,themarketreboundedsharplyinthefirsthalfof2026aspublicofferingsreemergedasa

preferredavenueforfundinggrowthandinnovation.

•GloballifesciencesIpovolumereached$6.8billioninthefirsthalfof2026,nearlytriple

thelevelrecordedduringthesameperiodin2025.Marketactivitystrengthenednotonlyinvolumebutalsoinscale,with42offeringsaveraging$163millionperdeal,compared

with$62millioninthefirsthalfof

2025.NorthAmericacontinuestoleadglobalissuance,generating$4.5billioninIPO

proceeds,followedbyAPAcwith$1.8billion.

•Improvingconditionsaremirroredinpublicequityperformance.whilethepharma,

biotechandlifesciencessectortrailsthe

MSCIworldIndexoverathree-yearperiod,recentreturnshaveacceleratedasinvestorconfidenceinthesectorstrengthens.

•CREimpact:Enhancedaccesstocapitalincreasesthecapacityoflifesciences

companiestoinvestintalent,R&Dandexpansion,creatingpotentialupsideforfuturelabandofficeleasingdemand.

APACEuropeNorthAmerica

Cushman&Wakefield7

Cushman&Wakefield8

GlobalventurecapitalFundingforAlFocusedLifesciencescompanies

WQ1WQ2Q3.Q4

•FundingforAl-enabledlifesciences

companiescontinuestoaccelerate,reaching$7.8billioninthefirsthalfof2026,up49%

Yoy.Investorconfidenceisstrengthening

alongsidefundingvolumes,withaverage

dealsizerisingto$13million,nearlydoublethelevelrecordedduringthesameperiodin2025.

•capitalisincreasinglyflowingtocompaniesleveragingAItotransformdrugdiscovery

anddevelopment.ThelargesttransactionofthefirsthalfwasLondon-basedIsomorphicLabs'$2.1billionseriesBfundinground,

whichwillsupportexpansionofitsAl-drivendrugdesignplatform,globalgrowth

initiativesandadvancementofitstherapeuticpipeline.

•CREimpact:strongcapitalformationis

providingAl-focusedlifesciencescompanieswiththeresourcestoscaleoperations,

expandR&Dcapabilitiesandgrowtheir

talentbase.ASthesefirnsnatureand

deploycapital,demandforlaboratory,

innovationandofficespaceisexpectedtostrengthen,supportingbothnear-tern

absorptionandlonger-termoccupancygrowth.

10

CAPITAL

MARKETS

LEASING

FUNDING

CLINlcAL

TRlALS

CONTENTS

03

CONTENTS

Cushman&Wakefield

11

nQ22026Q42025change(RHS)Q42024change(RHS)

*Rentsadjustedtoreflectoccupiercostsofofficetolabconversion1.weightedaverage

source:cushman&wakefieldResearch;RHS=RightHandside

•Inthefirsthalfof2026,askingrentsiforlabandcGMpspacefellacrossmostofthe16

trackedlifesciencesmarkets.onaverage,

overallaskingrentsdroppedo.5%fromyear-end2025.

•NearlyallmarketsrecordedflatordecliningaskingrentscomparedwithQ42025.

philadelphiawastheonlyexception,with

rentsincreasing8%.However,eightmarketspostedflatorpositiverentgrowthrelativetoyear-end2024,ledbyDenver(+13%),

philadelphia(+12%),oxford(+12%)andLondon(+8%).

•Askingrentsareexpectedtocontinue

softeningasmarketsabsorbtheinfluxof

newsupplydeliveredinrecentyears,evenasdemandgraduallyregainsmomentum.

Marketswithhighervacancyrateswillface

greaterdownwardpressureonrents,as

tenantshaveabroaderrangeofleasing

options.Decliningconstructionactivity

acrossnostnnarketswilmoderatefuture

completions,allowingsupplyanddemandtomovebacktowardbalanceovertime.

PipelineThins

overallvacancyRatebyMarket

Q22026Q42025AverageQ22026

50%

45%

40%

35%

30%

25%

20%

15%

5%

47.4%

39.6%

34.9%

22.6%

24.2%

19.9%

17.8%

16e%

7.7%

5.9%

26.9%

29.7%

21.9%

18.7%

Cushman&Wakefield

source:cushman&wakefieldResearch

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LEASING

13

13

•Theoverallvacancyrateforthe16trackedmarketsclimbedto24.2%inthesecond

quarterof2026,upnearly130bpsfromyear-end2025,asadditionalspace

continuestoreturntothemarketwhiledemandgraduallygainstraction.

•vacancyratesimprovedinfourmarketscomparedwithyear-end2025:chicago(-378bps),Denver(-199bps),Raleigh-

Durham(-165bps)andthesanFrancisco

BayArea(-20bps).Noneofthesemarketsdeliverednewconstructionsofarin2026,allowingexistingvacantspacetobe

absorbed.

•whilevacancyrateswillcontinuetorisein

somemarkets,thepaceofgrowthshould

slowasconstructionactivityremainslimited,andexistingavailabilitiesareincreasingly

leased.Theoverallmarketisnearingpeakvacancyasdemandbeginstorecoverandtheconstructionpipelinefocusesonbuild-to-suit(BTS)projects.

Rebalancing

currentInventoryandunderconstruction

currentInventoryunderconstructionU/cas%ofInventory(RHS)

2.2

1.2

1.3

O.2

O.2

1.20.8

Cushman&Wakefield

source:cushman&wakefieldResearch;RHS=RightHandside

30%

20%

03

CONTENTS

LEASING

14

14

•GrowthinU.s.lifesciencesinventoryhas

continuedtoslow,withthecurrent

constructionpipelinerepresenting2%of

totalinventory,downfromapeakof17%inmid-2023.HalfoftrackedU.s.marketshavenospacecurrentlyunderconstruction,andcompletionshavecorrespondingly

decreased,withjust1.2msfofspacedeliveredsofarin2026,an82%yoydecline.

•Europeanmarketsremainmoreactiveinlifesciencesdevelopment,withprojects

currentlyunderconstructionaccountingfor26%ofexistinginventory.sincethemarketsaresmaller,theseprojectswilladdjust3.3nsfofnewspaceuponcompletion.

•Inventorygrowthwillremainsubduedintheneartermasthemarketfocuseson

absorbingexcessvacantspaceand

constructionprojectsfocusonpreleasedcompletions.

CONTENTS

03

CAPITAL

16

16

Cushman&Wakefield

•GlobalR&Dinvestmentsalesvolumetotaled

nearly$13.2billionoverthefourquarters

endinginthesecondquarterof2026,up2%Yoy.whilesalesactivityremainsbelowthepeaklevelsreachedin2021-2022,volume

hascontinuedtoimprovefromthesubduedmarketconditionsofrecentyears.

•performancevariedacrossthethreeregions.TheAmericasledwith$9.3billionindeal

volumeoverthepastfourquarters,matchingthe2%yoygrowthrecordedglobally.EMEApostedthestrongestgrowth,withsales

reachingnearly$2.8billion,up122%yoygrowth.Incontrast,APAcdealactivity

declined58%yoyto$1.1billion.

•Despiteongoinguncertaintyinthecapitalmarketsenvironment,investorsentimentremainsresilientbutdisciplined.

03

TOP1OMetrosbysalesvolume:2026H1vs2025H1

H12026.H12025

SFMetro

Rhine-Ruhr

DCMetro

BostonMetro

Dallas

Reno

santaBarbara

chicago

singapore

seattle

salesvolume($Millions)

$2,OOO

CONTENTS

CAPITAL

Sales

•R&Dsalesvolumeacrossthetoptenmetrosincreasedby21%yoyinthefirsthalfof

2026.Notably,fourofthesemetrosrecordednoinvestmentsalesactivityduringthesameperiodin2025.

•U.s.metroscontinuedtopowerglobalR&Dsales,accountingforeightofthetop1o

metrosbysalesvolumeinthefirsthalfof2026.

•sanFransciscoremainedtheleadingglobalmarket,with$1.7billionofR&Dsalesinthe

firsthalfof2026,markingamodestincreasefromthesameperiodin2025.Themarket

alsoaccountedformorethanone-thirdof

globaldealvolume.Thewashington,D.c.

metroandBostonalsorecordedstrongsalesactivity,reaching$287millionand$268

million,respectively.

•severallessestablishedU.s.lifesciences

markets,includingDallas,Renoandsanta

Barbara,rankedamongthetoptenmetrosinthefirsthalf,RenoandsantaBarbara

recordednosalesactivityduringthefirsthalfof2025.

•outsidetheu.s.,Rhine-Ruhrwastheonly

EMEAmetrointhetop1o,with$391millioninsalesvolume.singaporewasthesole

APAcmetroonthelist,securing$87millioninfirst-halfR&DSales.

17

17

Cushman&Wakefield

GlobalLifeSciences

venturecapitalpublicofferings

NorthAmericaEuropeAPAC

NorthAmericaEuropeAPAC

Cushman&Wakefield

03

CONTENTS

FUNDING

19

19

•Globallifesciencesfundingregained

momentuminthefirsthalfof2026,withvcinvestmentreaching$29.9billion,up30%

Yoy,thestrongestfirst-halfperformancesince2022.

•Fundinggrowthwasbroad-basedacross

regions.NorthAmericaledwith$17.9billion,up35%yoy,followedbyEuropeat$6.2

billion(+20%yoy)andAPAcat$5.7billion(+30%YOY).

•Improvinginvestorsentimentisalsoevidentindealsizing.Averagefundingrounds

approached$13million,nearlydoublethe

levelrecordedinthefirsthalfof2025.NorthAmericapostedthelargestaveragedealsizeat$16million,followedbyEuropeat$1o

millionandAPAcat$9million.Larger

fundingroundsreflectincreasedinvestorwillingnesstodeploycapitalbehind

companiesdemonstratingstrongclinicalprogressanddifferentiatedinnovation.

•publicmarketshavealsoreopened

meaningfully.GloballifesciencesIpovolumereached$6.8billioninthefirsthalfof2026,nearlythreetimesthelevelrecordedinthe

firsthalfof2025.TheresurgenceinIPO

activitysignalsimprovinginvestorsentiment,expandingaccesstogrowthcapital,and

growingconfidenceinthelong-termoutlookforthelifesciencessector.

VCFundingAllocationbyDealTypeandyear

seed/Angel/AcceleratoruEarlystageLaterstageGrants

source:pitchBOOKData,Inc.,cushman&wakefieldResearch;*DatahasnotbeenreviewedbypitchBookanalysts;

•capitaldeploymentwithinlifesciencesis

becomingincreasinglyconcentratedinlater-stagecompanies.overthepastdecade,

later-stageinvestmentsaccountedfor53%

oftotalfunding,comparedwith36%for

early-stagecompanies.In2026,that

allocationhasbecomemorepronounced,

withlater-stagecompaniescapturing66%offundingwhilethesharedirectedtoearly-

stagecompanieshasdeclinedto26%.

•Investorsareprioritizingcompanieswith

clearerpathwaystocommercialization.ASaresult,emergingbiotechcompaniesfaceamoreselectivefundingenvironmentand

greaterchallengessecuringgrowthcapital.However,asthepipelineofmature

investmentopportunitiesbecomes

increasinglyconstrained,capitalislikelytoexpandfurtheralongtheriskspectrumin

searchofthenextgenerationofinnovation.

•Thecontinuedrecoveryinlifesciences

fundingreflectsstrengtheninginvestor

confidenceandimprovingmarket

fundamentals.sustainedaccesstocapital

willincreasinglybedrivenbyacompany's

abilitytodemonstrateinnovation,clinical

progressandscalablegrowthopportunities,reinforcingasolidfoundationforthesector'snextphaseofexpansion.

20

20

Cushman&Wakefield

NumberofcurrentGlobalActiveclinicalTrialsBystartyearandphase

•Theclinicaltrialpipelineremainsakey

indicatoroflong-termlifesciencesgrowth,

withmorethan44,oooactivetrialsglobally,up9%yoy.Thescaleandbreadthofactivityunderscoresustainedinvestnentin

therapeuticinnovationandahealthy

developmentenvironmentacrossthesector.

•clinicaldevelopmentremainsheavily

weightedtowardmid-stageprograms,withapproximately18,8ooactivephase2trials,accountingfor43%oftheglobalpipeline.

Another11,20otrialsareinphase1,while

morethan8,oooareinphase3,providingasubstantialpoolofassetsprogressing

towardcommercialization.

•Nearly8o%ofactivetrialswereinitiatedwithinthelastfiveyears,highlightingtheindustry'scontinuedcommitmentto

advancingnewtherapiesdespiteamoreselectivefundingenvironment.

•Lookingahead,Al-enableddrugdiscovery

anddevelopmenttoolshavethepotentialtoacceleratetrialdesign,patientrecruitment

anddataanalysis,improvingdevelopmenttimelinesandfurtherexpandingclinical

activity.Asthesetechnologiesgainbroaderadoption,theycouldhelpincreasepipelineproductivityandbringmoretherapiesto

marketfaster.

12,O0O

sustainedInnovation

AllcurrentlyActiveGlobalclinicalTrials

Earlyphase1phase1phase2phase3phase4

Earlyphase1

4%

source:clinicaltrials.gov,cushman&wakefieldResearch

22

Cushman&Wakefield22

CONTENTS

04

CONTENTS

Cushman&Wakefield

23

24

CAPITAL

LABOR

LEAslNG

FUNDING

MARKETS

DRUG

APPROVALS

EMERGING

MARKETS

CONTENTS

04

CONTENTS

Cushman&Wakefield

25

premiumtooffice

overallAskingRentsasofQ22026

nLifesciencesoffice

$9O

$7O

$4O

$2O

$1O

$8O

source:cushman&wakefieldResearch;*ss=samestoremarkets

•U.s.lifesciencesaskingrentsaveraged

$64.17psfinthesecondquarterof2026,

declining2.2%QOQand5.3%yoyas

occupierscontinuetobenefitfromelevatedspaceavailability.

•Despiteongoingrentsoftness,thesector

continuestocommandasignificantpremiumovertraditionalofficespace.Acrossthe12

majormarketstracked,lifesciencesrents

remain37%higherthanofficerents,with

premiumsreaching67%inBostonand60%inphiladelphia.

•Near-termpricingpressureisexpectedto

persistinoversuppliedmarketsasvacanciesandrecentdeliveriescontinuetobe

absorbed.However,improvingindustry

fundamentals,strengtheninginvestor

confidenceandahealthierfunding

environmentareexpectedtosupport

demand,positioningthemarketforrent

stabilizationoverthenext18to24months.

StabilizationisEmerging

overallvacancyRatebyMarket

DirectvacancysubleasevacancyTotalvacancy

40%

35%

30%

25%

20%

15%

1O%

5%

39.6%

34.9%

29.0%

26.9%

22.6%

19.9%

18.7%

17.8%

16.O%

7.7%

3.6%

27.8%

Cushman&Wakefield

source:cushman&wakefieldResearch

04

CONTENTS

LEASING

27

27

•Theu.s.lifesciencesoverallvacancyrate

tickedupinthesecondquarterof2026to24.3%,a65-bpincreaseQOQandnearly

2obpsyoy.Thedirectvacancyrate

increasedto20.9%,up7obpsQOQand215bpsyoy.

•subleasevacancyedgedlowerat3.4%,

down1obpsQOQand2obpsyoyassomeoccupierstakebackthespacetheyplacedinthesubleasemarket.

•Marketperformanceremaineduneven.whiletheoverallvacancyrateincreasednationally,somemarketspostedmeaningful

improvements.chicagorecordedanearly

160-bpdeclineinvacancyandRaleigh-

Durhamsawvacancyfallbynearly13obps,bothdrivenbystrongerabsorptionactivity.

•Thesectorisenteringagradualrebalancingphase.Asignificantlyreducedconstructionpipeline,combinedwithstrengthening

occupierdemandandimprovingfunding

conditions,shouldsupporttheabsorptionofvacantspaceandmoderatefuturevacancyincreases,

•Assupply-demandfundamentalscontinuetoimprove,thelifesciencesmarketis

positionedforasustainedrecovery,

supportedbyhealthierleasingactivity,

expandingclinicalpipelinesandrenewedfundingmomentum.

04

Q22026Q12021

source:cushman&wakefieldResearch

CONTENTS

LEASING

forFutureDemand

•Theu.s.lifesciencessectorhasundergonea

periodofunprecedentedexpansion,withlabandcGMpinventorygrowingfrom171msfin2021to239nsfinthesecondquarterof

2026.Nearly47msfofnewspacehasbeendeliveredduringthisperiod,significantly

expandingtheindustry'srealestate

footprint.

•Throughconversionsandnewcompletions,Bostonhasemergedasthelargestlife

sciencesmarketintheu.s.,totalinventorythathasgrownbyover22msfsince2021toover51msf.Thenextlargestmarketisthe

sanFranciscoBayareawithjustunder5omsf·

•Growthhasextendedbeyondthetraditionalhubmarkets.Newyorkcitydoubledits

footprinttonearly4msf,whilechicago

expandedfromnearly5nsftomorethan8msf,reflectingthecontinuedbroadeningoftheu.s.lifescienceslandscape.

•whileelevatedvacancyremainsanear-termchallengeinseveralmarkets,thesharp

slowdowninnewdevelopmentshould

supportabsorptionandacceleratemarketrebalancing.overthelongterm,the

substantialincreaseinmodern,purpose-

builtlaboratoryspacepositionsthesectortocapitalizeonfuturegrowthinresearch,innovationandcommercializationactivity.

28

28

Cushman&Wakefield

forRecovery

Inventoryunderconstruction

nunderconstruction%ofTotalInventory(RHS)

2021202120212021202220222022202220232023202320232024202420242024202520252025202520262026

Cushman&Wakefield

source:cushman&wakefieldResearch;RHS=RightHandside

04

CONTENTS

LEASING

29

29

•Theu.s.lifesciencesconstructionpipeline

hascontractedtolessthan6nsf,

representingjust2%ofexistinginventory-asignificantpullbackfromthe35-msfpeak

reachedin2023,whenprojectsunderconstructionaccountedfor17%oftotalinventory.

•Developmentactivityhasreturnedtolevelsmoreconsistentwithhistoricalnorms,

reducingtheriskofadditionaloversupplyandallowingmarketstimetoabsorb

recentlydeliveredspace.

•Thecompositionofnewdevelopmenthasalsoshiftedmeaningfully.Theremaining

pipelineisincreasinglyconcentratedinBTSprojects,reflectingamoredisciplined

constructionenvironmentfocusedonpre-leasededdemandratherthanspeculativeconstruction.

•Thecombinationofasharplyreduced

constructionpipelineandgreateremphasisondenand-drivendevelopmentshould

supportmarketrebalancing,improve

occupancyfundamentals,andpositionthesectorforhealthierlong-termgrowth.

Expectedconstructioncompletions:USMarkets2026-2027

.preleasedAvailable

Cushman&Wakefield

source:cushman&wakefieldResearch

30

30

•Theu.s.lifesciencesdevelopmentpipeline

hascontractedsignificantly,withjust5.6msfcurrentlyunderconstruction.ofthe

remainingpipeline,approximately4.4nsfisscheduledfordeliverythrough2027,with

69%alreadypreleased,reflectinga

continuedshifttowarddemand-d