Pharma Deals Database 2026: Major Licensing and M&A Deals, Verified
116 of 2026’s major biopharma licensing deals and acquisitions in one searchable table, each checked against its source. Filter by type, month, therapeutic area or company, and download the data as CSV.
The 2026 Deals Database
This database brings together our two verified 2026 deal logs: licensing deals with a disclosed total of $1 billion or more or an upfront of $100 million or more, and acquisitions of drug companies worth $1 billion or more. Every entry was checked against the company announcement or a primary report, which the table links to. Verified through 19 October 2026.
Showing 116 of 116 deals. The CSV contains the deals shown.
| Date | Deal | Type and area | Value |
|---|---|---|---|
| 19 Oct | Roche ← Hansoh PharmaPortfolio of antibody–drug conjugate programs | LicensingOncologyChina-origin | Over $15BUpfront: $400M (+$110M at year one) |
| 19 Oct | Merck KGaA → Silence TherapeuticssiRNA medicines for rare and specialty diseases | M&ARare disease | ~$1.3B equity value ($1.1B EV)$20.00/ADS cash; premium 130% to prior close |
| 15 Oct | AstraZeneca ← insitroAI-enabled discovery in MASH and cardiomyopathies | LicensingObesity & metabolic | Up to ~$1.5BUpfront: $40M |
| 14 Oct | Gilead ← Vir BiotechnologyThree dual-masked T-cell engagers for solid tumors | LicensingOncology | Up to ~$1.9BUpfront: $90M (cash + equity) |
| 13 Oct | Roche ← Rona TherapeuticsALK7-targeting RNAi for obesity | LicensingObesity & metabolicChina-origin | Up to ~$1.16BUpfront: Up to $100M upfront & near-term |
| 8 Oct | Viatris → Pacira BioSciencesNon-opioid pain therapies | M&ASpecialty & generics | ~$1.65B$36.50/share cash |
| 5 Oct | Shionogi → IntraBioRare neurodegenerative disease franchise | M&ARare disease | ~$2.0BUpfront cash |
| 5 Oct | CSL ← Alentis TherapeuticsLixudebart, anti-claudin-1 antibody for kidney and liver disease | LicensingCardiovascular & renal | Up to ~$1.56BUpfront: $355M |
| 5 Oct | Genentech (Roche) ← AlectorAL050, brain-penetrant GCase enzyme replacement | LicensingNeuroscience | Up to ~$1.27BUpfront: $100M |
| 2 Oct | Novartis ← AbogenABO2203, mRNA-encoded CD19×CD3 T-cell engager + options | LicensingImmunologyChina-origin | Up to ~$7.8BUpfront: $575M |
| 1 Oct | Sanofi ← RegeneronFour long-acting antibodies incl. REGN20423 (IL-13) — 50:50 profit share | LicensingImmunology | Up to ~$8BUpfront: $1.0B |
| 29 Sep | Novo Nordisk ← Jiangsu HengruiHRS-1596, oral GLP-1/GIP dual agonist | LicensingObesity & metabolicChina-origin | Up to $2.6BUpfront: $300M |
| 28 Sep | Merck & Co. ← SciBrunch TherapeuticsSPR2015, oral KRAS G12D (ON) inhibitor | LicensingOncologyChina-origin | Up to $2.13BUpfront: $400M |
| 24 Sep | Eli Lilly ← InnoCare PharmaDiscovery programs against up to five targets | LicensingPlatform / multi-areaChina-origin | Up to ~$3.35BUpfront: Up to $100M upfront & near-term |
| 24 Sep | Roche ← Atavistik BioAllosteric small molecules for cardiometabolic disease | LicensingObesity & metabolic | Up to ~$1.97BUpfront: $70M |
| 24 Sep | Genentech (Roche) ← Earendil LabsOncology bispecific antibodies | LicensingOncology | Over $1.5BUpfront: $55M |
| 22 Sep | Boehringer Ingelheim ← EnvisagenicsRNA-splicing-derived oncology targets | LicensingOncology | Over $1.0BUpfront: Undisclosed |
| 21 Sep | Telix Pharmaceuticals → ITM Isotope Technologies MunichITM-11 radioligand therapy | M&ARadiopharmaceuticals | Up to $2.35B$1.65B upfront (mostly Telix shares) + up to $700M milestones |
| 17 Sep | Novo Nordisk ← Orbis MedicinesOral macrocycles for cardiometabolic disease | LicensingObesity & metabolic | Up to $1.4BUpfront: Undisclosed |
| 17 Sep | Roche ← Dualitas TherapeuticsBispecific antibodies for immunology | LicensingImmunology | Up to $1.0BUpfront: $36.5M |
| 3 Sep | GSK ← HUTCHMEDHMPL-A830, KRAS-EGFR antibody-targeted therapy conjugate | LicensingOncologyChina-origin | Up to $1.295BUpfront: $110M |
| 3 Sep | Medicus Pharma ← PfizerPF-08046031, ADC discontinued by Pfizer | LicensingOncology | Over $1.0BUpfront: $12M (+$15M at year one) |
| 2 Sep | Novartis ← AlteogenALT-B4 hyaluronidase for subcutaneous products — option & license | LicensingPlatform / multi-area | Up to ~$3.22BUpfront: Undisclosed |
| 1 Sep | Roche ← Simcere ZaimingSIM0660, CD79a/CD19/CD3 trispecific T-cell engager for B-cell malignancies | LicensingOncologyChina-origin | Up to $1.53BUpfront: $75M |
| 31 Aug | Eli Lilly → Merida BiosciencesAutoimmune and allergic disease programs | M&AImmunology | Up to $2.875BUndisclosed upfront + milestones |
| 28 Aug | Genentech (Roche) ← DualityBioNext-generation ADCs on DUPAC payload platform | LicensingOncologyChina-origin | Over $1.0BUpfront: $45M |
| 26 Aug | SK Biopharmaceuticals ← BiohavenOpakalim (Kv7 opener) and Kv7 platform for epilepsy | LicensingNeuroscience | Up to $795M + milestonesUpfront: $400M near-term cash |
| 25 Aug | Sentivera (Arch / PHP NewCo) ← Haisco PharmaceuticalPreclinical type 2 inflammation inhibitor (asthma, atopic dermatitis) — NewCo license | LicensingImmunologyChina-origin | Over $1.5BUpfront: ~$76M cash + equity |
| 24 Aug | Genentech (Roche) ← Hanmi PharmaceuticalHM17321, CRFR2-selective urocortin-2 analog for obesity | LicensingObesity & metabolic | Up to ~$2.3BUpfront: $190M |
| 10 Aug | Jazz Pharmaceuticals → Actio BiosciencesPrecision therapy for KCNT1 epilepsy | M&ANeuroscience | Up to $1.32B$820M upfront + up to $500M milestones |
| 3 Aug | Curium (CapVest) → Lantheus HoldingsRadiopharmaceutical imaging and therapy | M&ARadiopharmaceuticals | Up to ~$8.0B$102.50/share cash + CVR up to $12; premium 29% to 30-day VWAP |
| 3 Aug | Pathos AI ← Alphamab OncologyJSKN016, TROP2×HER3 bispecific ADC | LicensingOncologyChina-origin | Up to ~$2.2BUpfront: $125M |
| 27 Jul | argenx → Forte BiosciencesFB102, anti-CD122 antibody for vitiligo | M&AImmunology | ~$2.2B$77/share cash |
| 16 Jul | Eli Lilly → AtaiBeckleyBPL-003 and VLS-01 for treatment-resistant depression | M&ANeuroscience | Up to ~$3.8B$6.75/share cash + CVR up to $2.50 |
| 15 Jul | Avere Therapeutics ← Hansoh PharmaHS-20118 (AVR-001), oral IL-23R antagonist | LicensingImmunologyChina-origin | Up to ~$2.3BUpfront: $120M |
| 14 Jul | AstraZeneca ← Dizal PharmaceuticalZegfrovy (sunvozertinib), EGFR exon 20 NSCLC — global rights | LicensingOncologyChina-origin | Up to $1.5BUpfront: $600M |
| 14 Jul | Spero Therapeutics ← Innovent BiologicsIBI355 / SP001, Fc-silent anti-CD40L antibody | LicensingImmunologyChina-origin | Up to ~$1.1BUpfront: Undisclosed |
| 8 Jul | AstraZeneca ← Sino Biopharm (CTTQ)TQC3721, inhaled PDE3/4 inhibitor for COPD | LicensingRespiratoryChina-origin | Up to ~$2.1BUpfront: $200M |
| 6 Jul | Vertex → Crinetics PharmaceuticalsPalsonify for acromegaly; atumelnant | M&ARare disease | ~$10.0B$85/share cash; premium 127% to 30-day VWAP |
| 6 Jul | Novartis → Myricx BioNMT-inhibitor payload ADCs | M&AOncology | Up to $1.5B$1.1B upfront + up to $400M milestones |
| 2 Jul | AstraZeneca ← CSPC PharmaceuticalTwo preclinical siRNA candidates for kidney disease | LicensingCardiovascular & renalChina-origin | Up to $1.77BUpfront: $30M |
| 30 Jun | Boulevard Bio ← METiS TechBioMTS-128, trispecific T-cell engager — NewCo license | LicensingImmunologyChina-origin | Up to ~$1.62BUpfront: $20M |
| 29 Jun | Ipsen → Kartos TherapeuticsNavtemadlin for myelofibrosis | M&AOncology | Up to $1.75B$450M upfront + up to $1.3B milestones |
| 24 Jun | Eli Lilly ← Abbisko TherapeuticsDiscovery collaboration on Lilly-selected targets | LicensingPlatform / multi-areaChina-origin | Up to ~$1.9BUpfront: Undisclosed |
| 24 Jun | Novartis ← Antares TherapeuticsSmall-molecule discovery against oncology targets | LicensingOncology | Up to ~$1.9BUpfront: $105M |
| 22 Jun | AbbVie → Apogee TherapeuticsLong-acting IL-13 antibody for atopic dermatitis | M&AImmunology | ~$10.9B$135.11/share cash |
| 22 Jun | Nuvectis Pharma ← Haisco PharmaceuticalNXP100 (oral factor B inhibitor) and NXP200 (BRAF inhibitor) — ex-China rights | LicensingImmunologyChina-origin | Up to ~$1.46BUpfront: Up to $40M upfront & near-term |
| 21 Jun | SK Biopharmaceuticals ← Insilico MedicineAI-designed candidates for neuroimmune CNS disease | LicensingNeuroscienceChina-origin | Over $2.5BUpfront: Up to $18M upfront & near-term |
| 17 Jun | Biogen → RayTheraInflammatory disease program | M&AImmunology | Up to $1.0BUndisclosed upfront + milestones |
| 10 Jun | Novartis ← Orionis BiosciencesMolecular glue discovery platform | LicensingPlatform / multi-area | Up to ~$1.4BUpfront: $40M |
| 9 Jun | GSK → NuvalentROS1 and ALK inhibitors for lung cancer | M&AOncology | ~$10.6B$124/share cash |
| 9 Jun | Eli Lilly ← AlzeCure PharmaACD680 (Alzstatin) for Alzheimer’s disease | LicensingNeuroscience | Over $1.0BUpfront: $10M |
| 8 Jun | Roche ← Nurix TherapeuticsBexobrutideg (BTK degrader) — co-development | LicensingOncology | Up to $2.3BUpfront: $700M |
| 8 Jun | Incyte → Vega TherapeuticsPhase 3 bleeding-disorder asset | M&ARare disease | Up to $2.0B$1.25B upfront + up to $750M sales milestones |
| 8 Jun | Johnson & Johnson → Firefly BioDegrader-antibody conjugate platform | M&AOncology | $1.0BAll cash |
| 3 Jun | Alnylam ← InceptiveAI-designed siRNA therapeutics | LicensingPlatform / multi-area | Up to $2.0BUpfront: $30M (cash + equity) |
| 3 Jun | Eli Lilly ← Ascidian TherapeuticsRNA exon editing for inherited kidney disease | LicensingCardiovascular & renal | Up to $1.9BUpfront: Undisclosed |
| 2 Jun | Travere Therapeutics ← Everest MedicinesCivorebrutinib (BTK inhibitor) for rare kidney disease | LicensingCardiovascular & renalChina-origin | Up to ~$1.14BUpfront: $112.5M |
| 1 Jun | Eli Lilly ← Haisco PharmaceuticalDiscovery collaboration across multiple areas | LicensingPlatform / multi-areaChina-origin | Up to ~$3.05BUpfront: Up to $87M upfront & near-term |
| 1 Jun | Servier → Edgewise Therapeutics (muscular dystrophy business)Sevasemten for muscular dystrophies | M&ARare disease | Up to $2.65B$1.55B upfront + up to $1.1B milestones |
| 1 Jun | Eli Lilly ← Hanmi PharmaceuticalSonefpeglutide (LAPS GLP-2 analog) for short bowel syndrome | LicensingGastrointestinal | Up to ~$1.26BUpfront: $75M |
| 28 May | Pfizer ← Innovent Biologics12 early-stage ADC and multispecific oncology programs | LicensingOncologyChina-origin | Up to $10.5BUpfront: $650M |
| 26 May | Eli Lilly → Vaccine CompanyEpstein-Barr virus vaccine | M&AInfectious disease | Up to $1.55BUndisclosed upfront + milestones |
| 26 May | Eli Lilly → CurevoShingles vaccine | M&AInfectious disease | Up to $1.5BUndisclosed upfront + one milestone |
| 22 May | CVC / GBL consortium → RecordatiSpecialty and rare disease pharma (take-private) | M&ASpecialty & generics | ~€10.7B€51.29/share tender offer (reported raised to €53) |
| 18 May | Regeneron ← Parabilis MedicinesAntibody–Helicon peptide conjugates, five targets | LicensingPlatform / multi-area | Up to ~$2.3BUpfront: $50M + $75M equity |
| 12 May | Bristol Myers Squibb ← Jiangsu Hengrui13 oncology, hematology and immunology programs | LicensingOncologyChina-origin | Up to ~$15.2BUpfront: $600M (+$350M anniversary payments) |
| 7 May | Angelini Pharma → Catalyst PharmaceuticalsRare neuromuscular franchise | M&ARare disease | ~$4.1B$31.50/share cash; premium 28% to 30-day VWAP |
| 6 May | Bayer → Perfuse TherapeuticsRetinal disease program | M&AOphthalmology | Up to $2.45B$300M upfront + milestones |
| 6 May | GSK ← SiranBioSA030, siRNA for cardiometabolic disease | LicensingObesity & metabolicChina-origin | Up to ~$1.0BUpfront: Undisclosed |
| 5 May | Madrigal ← Arrowhead PharmaceuticalsARO-PNPLA3, siRNA for MASH | LicensingObesity & metabolic | Up to $1.0BUpfront: $25M |
| 3 May | UCB → Candid TherapeuticsT-cell engagers for autoimmune disease | M&AImmunology | Up to $2.2B$2.0B upfront + up to $200M milestones |
| 1 May | ARCHIMED → Esperion TherapeuticsBempedoic acid cholesterol franchise | M&ACardiovascular & renal | Up to ~$1.1B$3.16/share cash + up to $100M CVR; premium 58% to prior close |
| 29 Apr | Chiesi → KalVista PharmaceuticalsHereditary angioedema franchise | M&ARare disease | ~$1.9B$27/share cash |
| 27 Apr | Eli Lilly → Ajax TherapeuticsMyeloproliferative neoplasm program | M&AOncology | Up to $2.3BUndisclosed upfront + milestones |
| 26 Apr | Sun Pharma → OrganonWomen’s health, biosimilars and established brands | M&ASpecialty & generics | ~$11.75B enterprise value$14/share cash |
| 22 Apr | Amneal → Kashiv BioSciencesBiosimilars platform | M&ASpecialty & generics | Up to $1.1B$375M cash + $375M stock + up to $350M milestones |
| 20 Apr | Biogen ← TJ BiopharmaFelzartamab — Greater China rights | LicensingImmunologyChina-origin | Up to $850MUpfront: $100M |
| 19 Apr | Eli Lilly → Kelonia TherapeuticsIn vivo CAR-T for cancer | M&AOncology | Up to $7.0B$3.25B upfront + milestones |
| 17 Apr | UCB → Neurona TherapeuticsRegenerative cell therapy for epilepsy | M&ANeuroscience | Up to $1.15B$650M upfront + up to $500M milestones |
| 7 Apr | Gilead → TubulisTUB-040 ADC and conjugation platform | M&AOncology | Up to $5.0B$3.15B upfront + up to $1.85B milestones |
| 6 Apr | Neurocrine Biosciences → Soleno TherapeuticsVykat XR for Prader-Willi syndrome | M&ARare disease | ~$2.9B$53/share cash; premium 51% to 30-day VWAP |
| 31 Mar | Eli Lilly → Centessa PharmaceuticalsOrexin agonists for sleep disorders | M&ANeuroscience | Up to ~$7.8B$38/share cash + CVR up to $9 |
| 31 Mar | Biogen → Apellis PharmaceuticalsEmpaveli and Syfovre (complement C3) | M&ARare disease | ~$5.6B + CVR$41/share cash + Syfovre sales CVR; premium 86% to 90-day VWAP |
| 29 Mar | Eli Lilly ← Insilico MedicinePreclinical oral candidates from AI platform | LicensingPlatform / multi-areaChina-origin | Up to ~$2.75BUpfront: $115M |
| 27 Mar | Novartis → ExcellergyNext-generation anti-IgE for allergy | M&AImmunology | Up to $2.0BUpfront + milestones |
| 27 Mar | Otsuka → Transcend TherapeuticsNeuropsychiatry pipeline | M&ANeuroscience | Up to ~$1.23B$700M upfront + up to $525M milestones |
| 25 Mar | Merck & Co. → Terns PharmaceuticalsTERN-701 for chronic myeloid leukemia | M&AOncology | ~$6.7B$53/share cash; premium 31% to 60-day VWAP |
| 23 Mar | Gilead (with Galapagos) → Ouro MedicinesT-cell engager for autoimmune disease | M&AImmunology | Up to ~$2.18B$1.675B upfront + up to $500M milestones |
| 23 Mar | Sanofi ← Kali TherapeuticsKT501, trispecific T-cell engager for autoimmune disease | LicensingImmunology | Up to ~$1.23BUpfront: $180M upfront & near-term |
| 6 Mar | Servier → Day One BiopharmaceuticalsPediatric low-grade glioma franchise | M&AOncology | ~$2.5B$21.50/share cash |
| 4 Mar | Sanofi ← Sino Biopharm (CTTQ)Rovadicitinib (approved in China for myelofibrosis) | LicensingOncologyChina-origin | Up to $1.53BUpfront: $135M |
| 3 Mar | UCB ← AntengeneATG-201, CD19×CD3 T-cell engager for autoimmune disease | LicensingImmunologyChina-origin | Over $1.18BUpfront: $80M upfront & near-term |
| 24 Feb | Solstice Oncology (NewCo) ← Harbour BioMedPorustobart (HBM4003), anti-CTLA-4 antibody — NewCo licence | LicensingOncologyChina-origin | Up to ~$1.2BUpfront: $55M cash + >$50M equity |
| 24 Feb | GSK ← Frontier BiotechnologiesTwo siRNA candidates | LicensingPlatform / multi-areaChina-origin | Up to ~$1.0BUpfront: $40M |
| 23 Feb | Gilead → ArcellxAnito-cel, BCMA CAR-T for multiple myeloma | M&AOncology | ~$7.8B$115/share cash + $5 CVR; premium 68% to 30-day VWAP |
| 23 Feb | Astellas ← Vir BiotechnologyVIR-5500, PSMA dual-masked T-cell engager | LicensingOncology | Up to ~$1.7BUpfront: $335M (cash, equity & near-term) |
| 18 Feb | Novartis ← Unnatural ProductsMacrocyclic peptides for cardiovascular targets | LicensingCardiovascular & renal | Up to $1.8BUpfront: $100M |
| 17 Feb | Eli Lilly ← CSLClazakizumab (anti-IL-6) | LicensingImmunology | Undisclosed milestones + royaltiesUpfront: $100M |
| 13 Feb | Gilead ← Genhouse BioGH31, MAT2A inhibitor for MTAP-deleted cancers | LicensingOncologyChina-origin | Up to ~$1.53BUpfront: $80M |
| 11 Feb | Madrigal ← Ribo Life ScienceSix preclinical siRNA programs for MASH | LicensingObesity & metabolicChina-origin | Up to ~$4.4BUpfront: $60M |
| 9 Feb | Eli Lilly → Orna TherapeuticsIn vivo CAR-T for autoimmune disease | M&AImmunology | Up to $2.4BUndisclosed upfront + milestones |
| 9 Feb | Takeda ← IambicAI-designed small-molecule programs + NeuralPLexer access | LicensingPlatform / multi-area | Over $1.7BUpfront: Undisclosed |
| 8 Feb | Eli Lilly ← Innovent BiologicsOncology and immunology programs | LicensingOncologyChina-origin | Up to ~$8.85BUpfront: $350M |
| 2 Feb | Genentech (Roche) ← SanegeneBioRNAi program (undisclosed target) | LicensingPlatform / multi-area | Up to $1.7BUpfront: $200M |
| 30 Jan | AstraZeneca ← CSPC PharmaceuticalEight obesity and type 2 diabetes programs incl. SYH2082 (GLP-1R/GIPR) | LicensingObesity & metabolicChina-origin | Up to $18.5BUpfront: $1.2B |
| 29 Jan | Eli Lilly ← Repertoire Immune MedicinesTolerizing therapies for autoimmune disease | LicensingImmunology | Up to ~$1.9BUpfront: $85M |
| 28 Jan | Eli Lilly ← Seamless TherapeuticsRecombinase genetic medicines for hearing loss | LicensingGenetic medicine | Over $1.12BUpfront: Undisclosed (+ R&D funding) |
| 20 Jan | GSK → RAPT TherapeuticsLong-acting anti-IgE antibody for food allergy | M&AImmunology | ~$2.2B ($1.9B net of cash)All cash |
| 12 Jan | AbbVie ← RemeGenRC148, PD-1/VEGF bispecific antibody | LicensingOncologyChina-origin | Up to $5.6BUpfront: $650M |
| 12 Jan | Novartis ← SciNeuroAmyloid-β antibody with blood-brain-barrier shuttle | LicensingNeuroscienceChina-origin | Up to ~$1.7BUpfront: $165M |
| 9 Jan | Roche ← MediLink TherapeuticsYL201 (tambotatug pelitecan), B7-H3 ADC — ex-China rights | LicensingOncologyChina-origin | Undisclosed milestones + royaltiesUpfront: $570M upfront & near-term |
| 7 Jan | Eli Lilly → Ventyx BiosciencesOral therapies for inflammatory diseases | M&AImmunology | ~$1.2BAll cash; premium 62% to 30-day VWAP |
| 6 Jan | Eli Lilly ← Nimbus TherapeuticsOral obesity program | LicensingObesity & metabolic | Up to ~$1.3BUpfront: $55M upfront & near-term |
| 5 Jan | Sanofi ← Earendil LabsBispecific antibodies for autoimmune disease | LicensingImmunology | Up to $2.56BUpfront: Up to $160M upfront & near-term |
| 2 Jan | AbbVie ← ZelgenAlveltamig (ZG006), DLL3 trispecific T-cell engager — option to license | LicensingOncologyChina-origin | Up to ~$1.2BUpfront: $100M (+$60M near-term) |
Licensing: buyer ← licensor. M&A: acquirer → target. The licensor or target name links to the deal’s source.
For analysis of each market, see our biotech licensing deal tracker, pharma M&A tracker and China outbound licensing tracker.
2026 Pharma Deals by Month
The number of deals in the database announced each month, and the largest deal of the month by headline value. Use the month filter above to see every deal for a given month.
| Month | Licensing | M&A | Largest deal |
|---|---|---|---|
| January 2026 | 9 | 2 | AstraZeneca ← CSPC Pharmaceutical (Up to $18.5B) |
| February 2026 | 10 | 2 | Eli Lilly ← Innovent Biologics (Up to ~$8.85B) |
| March 2026 | 4 | 7 | Eli Lilly → Centessa Pharmaceuticals (Up to ~$7.8B) |
| April 2026 | 1 | 8 | Sun Pharma → Organon (~$11.75B enterprise value) |
| May 2026 | 5 | 7 | Bristol Myers Squibb ← Jiangsu Hengrui (Up to ~$15.2B) |
| June 2026 | 13 | 7 | AbbVie → Apogee Therapeutics (~$10.9B) |
| July 2026 | 5 | 4 | Vertex → Crinetics Pharmaceuticals (~$10.0B) |
| August 2026 | 5 | 3 | Curium (CapVest) → Lantheus Holdings (Up to ~$8.0B) |
| September 2026 | 12 | 1 | Eli Lilly ← InnoCare Pharma (Up to ~$3.35B) |
| October 2026 | 8 | 3 | Roche ← Hansoh Pharma (Over $15B) |
October covers deals announced up to 19 October. Headline values include contingent payments where disclosed.
Largest Deals of 2026 So Far
Acquisitions
- CVC / GBL consortium → Recordati — ~€10.7B, 22 May
- Sun Pharma → Organon — ~$11.75B enterprise value, 26 April
- AbbVie → Apogee Therapeutics — ~$10.9B, 22 June
- GSK → Nuvalent — ~$10.6B, 9 June
- Vertex → Crinetics Pharmaceuticals — ~$10.0B, 6 July
Licensing deals
- AstraZeneca ← CSPC Pharmaceutical — Up to $18.5B, 30 January
- Bristol Myers Squibb ← Jiangsu Hengrui — Up to ~$15.2B, 12 May
- Roche ← Hansoh Pharma — Over $15B, 19 October
- Pfizer ← Innovent Biologics — Up to $10.5B, 28 May
- Eli Lilly ← Innovent Biologics — Up to ~$8.85B, 8 February
Licensing headline values add up milestones that are paid only if the program succeeds; upfront cash is typically a small fraction. Acquisition values are the announced price, with contingent value rights included where the value reads “up to”. Euro-denominated deals are ranked at an approximate dollar conversion.
Most Active Dealmakers
Companies with three or more deals in the database, counting licensing deals and acquisitions together. Genentech deals are counted with Roche.
| Company | Licensing | Acquisitions | Total |
|---|---|---|---|
| Eli Lilly | 12 | 9 | 21 |
| Roche | 12 | 0 | 12 |
| Novartis | 6 | 2 | 8 |
| AstraZeneca | 5 | 0 | 5 |
| Gilead | 2 | 3 | 5 |
| GSK | 3 | 2 | 5 |
| Sanofi | 4 | 0 | 4 |
| AbbVie | 2 | 1 | 3 |
| Biogen | 1 | 2 | 3 |
| UCB | 1 | 2 | 3 |
Reading the buyer table
The 2026 Deal Market in Context
The database lists the largest deals; market totals count every deal. J.P. Morgan’s quarterly Biopharma Licensing and Venture Report, based on DealForma data, gives the overall picture:
| Measure | Jan–Sep 2026 | Full year 2025 |
|---|---|---|
| Biopharma M&A, upfront value | $138.9B | $122.1B |
| Biopharma M&A, deals | 113 | — |
| R&D licensing, announced value | $221.1B | $274.3B |
M&A has already passed its 2025 total, and licensing had reached 81% of its 2025 record by the end of September. The two are measured differently: M&A values count upfront cash, while licensing values include milestones, of which only about 6% was paid upfront in 2026. China is the biggest single source of licensed assets — China-origin assets made up 51% of big pharma licensing deals with $50 million or more upfront through Q3, per J.P. Morgan. Our China licensing opportunities guide covers how those deals are structured.
Using the database for valuation comparables? Pair it with our rNPV valuation guide and term sheet guide.
Frequently Asked Questions
What is in the Vision Lifesciences pharma deals database?
116 biopharma deals announced in 2026 and verified against their sources: 72 licensing, collaboration and option deals with a disclosed total of $1 billion or more or an upfront of $100 million or more, and 44 acquisitions of drug companies or drug businesses worth $1 billion or more. Each entry shows the parties, asset, therapeutic area, terms and a link to the source.
Can I download the pharma deals data?
Yes. The Download CSV button exports the deals currently shown in the table, after any filters, with type, date, parties, asset, area, values, terms and source links. If you use the data, please cite Vision Lifesciences as the source.
What were the biggest pharma deals of 2026?
By headline value, the largest acquisitions in the database are CVC / GBL consortium–Recordati (~€10.7B), Sun Pharma–Organon (~$11.75B enterprise value) and AbbVie–Apogee Therapeutics (~$10.9B). The largest licensing deals are AstraZeneca–CSPC Pharmaceutical (up to $18.5B), Bristol Myers Squibb–Jiangsu Hengrui (up to ~$15.2B) and Roche–Hansoh Pharma (over $15B); licensing values include milestones that may never be paid.
How much pharma M&A and licensing was announced in 2026?
From January to September 2026, biopharma M&A totaled $138.9 billion of upfront value across 113 deals, already above the $122.1 billion of 2025, and announced R&D licensing value reached $221.1 billion, against $274.3 billion for all of 2025, according to J.P. Morgan’s Q3 2026 Biopharma Licensing and Venture Report (DealForma data).
Which companies made the most pharma deals in 2026?
Eli Lilly leads the database with 12 licensing deals and 9 acquisitions, followed by Roche with 12 and Novartis with 8.
How does this database relate to market-wide deal totals?
Market totals, such as J.P. Morgan’s quarterly figures based on DealForma data, count every announced deal, including smaller deals and those with undisclosed terms. This database complements them at deal level: it lists the year’s major deals with publicly disclosed terms, each checked against its source, and is free to search and download.
Methodology & Sources
Licensing deals are licensing, collaboration and option agreements announced in 2026 with a disclosed total of $1 billion or more or an upfront of $100 million or more; M&A and royalty sales are excluded. Acquisitions are purchases of drug companies or drug businesses announced in 2026 with a headline value of $1 billion or more; tools, diagnostics, CDMO and services deals are excluded. Dates are announcement dates. Terms are as disclosed, and “up to” values include contingent payments. “China-origin” marks licensors domiciled in mainland China or Hong Kong. Euro-denominated deals keep their euro values; for sorting by size they are converted at an approximate rate. Each deal links to the source it was checked against.
Sources:
- Vision Lifesciences research: our own deal tracking and insights from our day-to-day cross-border licensing and M&A advisory work (about us)
- Company announcements and primary reports for each deal, linked in the database
- J.P. Morgan, Q3 2026 Biopharma Licensing and Venture Report (DealForma data through 30 September 2026)