Recent deals include Merck’s $6.7B acquisition of Terns Pharmaceuticals, Eli Lilly’s $6.3B purchase of Centessa Pharmaceuticals, and Biogen’s $5.6B buy of Apellis Pharmaceuticals, boosting Q1 2026 M&A spending to nearly $47B.14
Analysts at BMO Capital Markets predict more deals from Amgen ($18.6B capacity), AbbVie ($33.6B), BMS ($21.9B), and Novartis ($53B), with focus on oncology and immunology.1
If the pace continues, 2026 M&A volume could reach record highs of $172B, exceeding 2025’s $111B across 32 deals.1
Premiums in deals ranged from 38%–140%, with three of the last five including contingent value rights (CVRs).1
Broader forecasts indicate 15% growth in M&A volume and value in 2026, driven by patent cliffs and lower interest rates, potentially reaching $230B.3
Sources:
1. https://www.biospace.com/business/pharmas-m-a-train-is-on-track-for-record-highs-with-more-deals-to-come-analysts
3. https://think.ing.com/articles/come-together-pharma-ma-will-accelerate-in-2026/
4. https://www.biospace.com/business/pharma-double-dippers-lead-q1-deal-activity-to-nearly-47b