After only three $1 billion-plus biopharma deals in November, December saw 14 blockbuster deals worth a total of $21.92 billion, including four deals worth more than $2 billion.
Astrazeneca plc is paying up to $630 million to acquire China rights to Abelzeta's Pharma Inc.’s C-CAR031 (AZD5851), an autologous glypican 3-targeting CAR T, securing global rights to develop, manufacture and commercialize the CAR T for liver cancer.
Offering $2.2 billion for Rapt Therapeutics Inc. and gaining its long-acting lead drug, ozureprubart, for food allergy and other indications, GSK plc is positioning itself to compete with market leader Xolair (omalizumab), developed by Roche AG’s Genentech unit and Novartis AG.
After only three $1 billion-plus biopharma deals in November, December saw 14 blockbuster deals worth a total of $21.92 billion, including four deals worth more than $2 billion.
For years, the J.P. Morgan Healthcare Conference (JPM) kicked off with splashy headlines of major M&A activity among biopharma companies, but in 2026, the hype outweighed reality and in the end, no major merger announcements were made during the conference for companies developing therapeutics.
Boston Scientific Corp. looked ready to keep steamrolling down the acquisition path, carrying the momentum from last year, with the news that it is acquiring Penumbra Inc., a company that makes devices for interventional therapies to treat vascular conditions such as stroke and aneurysm, for a whopping $14.5 billion.
Shanghai Henlius Biotech Inc. has entered into an exclusive global license agreement with U-mab Biopharma (Lianyungang) Co. Ltd., securing rights to a monoclonal antibody (mAb) targeting interleukin-1 receptor accessory protein (IL-1RAP) for inflammatory and autoimmune diseases.
Affluent Medical SAS is becoming Carvolix after it entered into binding agreements to acquire Caranx Medical SAS for €16.6 million (US$19.34 million) and Artedrone SAS for €11.4 million. The aim is to create an integrated med tech company which will focus on revolutionizing cardiac valve replacement and stroke treatment through AI-driven autonomous mini-robots and innovative implants.
Généthon, a nonprofit laboratory created by the AFM-Téléthon, has reported its exclusive, worldwide licensing agreement with Askbio Inc., a subsidiary of Bayer AG, for the use of a patented component of AB-1009, under development by Askbio, for the treatment of Pompe disease.
At the Biotech Showcase 2026 – part of the broader hoopla in San Francisco surrounding the J.P. Morgan 2026 Healthcare Conference – a panel of investors and another of pharma dealmakers discussed what to expect from drug company deals in 2026. The calendar flipping marks a good time to look ahead, but the delineation doesn’t really change anything for dealmakers who have experienced a slow shift in attitudes of investors over the last few months that will likely continue into the year ahead.
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