

In our first blog of 2026 on biopharma M&A trends, we provide an outlook for the year ahead, following a recap of 2025 highlights.
After sluggish M&A activity in 2024, at the lowest level since 2021, momentum rebounded decisively in 2025, despite some jitters in Q2 following major US policy announcements, including tariffs and drug pricing.
Aggregate M&A deal value in 2025 more than doubled, jumping by +133% vs. 2024, to reach $133Bn for the full year, the second highest level for the past 5 years. Meanwhile, M&A deal count increased to 50 in 2025, the highest number since 2021, equating to an average deal size of $2.7Bn, the second highest since 2021 (see Figure 1).
Note, this analysis only includes transactions involving a biopharma target, with an acquisition of a majority stake in the target entity, and a deal value equal to or exceeding $250m.