We recently showed that US biotech IPOs fell from 104 in 2021 to 11 in 2025. The obvious next question is where the exits went. The answer arrived in the numbers for the first half of 2026: acquisitions.

IQVIA counted $130 billion of biopharma M&A across 42 deals between January and June 2026. For all of 2025 the figure was $133 billion across 50 deals. Half a year of acquisitions equals 98% of the previous full year.

How big is the acquisition wave?

Deal value ($B)Deals

Source: IQVIA, Biopharma M&A: Mid-year 2026 update. IQVIA counts majority-stake acquisitions of biopharma targets valued at $250 million or more. The 2024 value is derived from IQVIA reporting that 2025 was 133% higher; IQVIA does not give a 2024 deal count in the source we used.

View data

period	value	deals
2024 (derived)	57	—
2025	133	50
H1 2026	130	42

The pace is the story. 2025 was already described as a jump, up 133% on 2024 by IQVIA's count, which implies about $57 billion for 2024. The first half of 2026 matched the whole of 2025 within two percentage points. The average deal also grew, from $2.7 billion in 2025 to $3.1 billion in H1 2026.

Tracker methods differ. Biobucks, an independent tracker with a broader definition that includes selected smaller deals, counts 70 transactions worth about $199 billion through October 1, 2026.

Who is buying what?

Nine deals in the first half were worth $5 billion or more. Three exceeded $10 billion.

Source: IQVIA, Biopharma M&A: Mid-year 2026 update. Announced values. Some deals include contingent payments, so the cash paid at closing can be lower.

View data

deal	value
Sun Pharma / Organon	11.8
AbbVie / Apogee	10.9
GSK / Nuvalent	10.6
Gilead / Arcellx	7.8
Lilly / Centessa	7.8
Lilly / Kelonia	7
Merck / Terns	6.7
Biogen / Apellis	5.6
Gilead / Tubulis	5

Two buyers show up twice: Eli Lilly (Centessa and Kelonia) and Gilead (Arcellx and Tubulis). The list continues past June. Vertex agreed to buy Crinetics for about $10 billion on July 6, according to the Biobucks tracker.

Is a licensing deal an acquisition?

No, and the headline number is where they differ most. On October 2, Novartis agreed to license an mRNA-encoded T-cell engager for autoimmune disease from China's Abogen Biosciences in a deal worth up to $7.8 billion. The upfront payment is $575 million. The other $7.2 billion depends on development and commercial milestones that may never be reached.

That makes the upfront 7.4% of the headline. When you read a deal value, ask how much is paid now and how much is contingent. Acquisitions pay for the whole company at closing. Licensing deals usually pay for a right, in stages.

What this does and does not show

The numbers show that acquirers, not public markets, are where much of the capital is returning to biotech. They do not show why. Large companies have many reasons to buy, and our sources do not test any of them. IQVIA and Biobucks use different definitions, so the totals should not be compared directly. The 2024 figure is derived, deal values are announced values, and H1 2026 is a half year, so the final 2026 total is not yet known.

Sources

1. IQVIA, Biopharma M&A: Mid-year 2026 update: H1 2026 value, deal counts and the nine largest deals; 2025 full-year totals.
2. Biobucks, Biotech M&A Tracker 2026, last updated October 1, 2026: 70 transactions, about $199.4 billion; Vertex and Crinetics.
3. Bloomberg, Novartis inks Chinese mRNA-therapy deal for up to $7.8 billion, October 2, 2026: $575 million upfront and up to $7.2 billion in milestones.
4. Our earlier analyses: From 104 IPOs to 11 and Biotech venture funding is back to $34 billion.