Pharma M&A Tracker 2026: The $1B+ Deals, Decoded
Biopharma M&A reached $138.9 billion in upfront value in the first nine months of 2026, already above all of 2025. Our log covers 44 acquisitions of $1 billion or more, each verified against the company announcement, with prices, premiums and contingent payments.
New in this update (20 October 2026)
Merck KGaA agreed on 19 October to acquire Silence Therapeutics for $20.00 per ADS (an equity value of about $1.3 billion, a 130% premium). Earlier in October, Viatris agreed to acquire Pacira BioSciences for $36.50 per share (about $1.65 billion) and Shionogi to buy IntraBio for about $2 billion. The tracker now logs 44 verified 2026 acquisitions of $1 billion or more, the market figures reflect J.P. Morgan’s Q3 2026 report, and the patent cliff table uses each company’s 2025 filings.
Executive Summary
2026 has already surpassed 2025 in biopharma M&A value. Upfront deal value reached $138.9 billion across 113 deals by the end of September, according to J.P. Morgan’s analysis of DealForma data — already above the $122.1 billion recorded in all of 2025. The second quarter was the peak, at $66.8 billion across 51 deals, including AbbVie–Apogee and GSK–Nuvalent within 14 days of each other; the third quarter slowed to $31.1 billion across 32 deals.
The drivers are familiar but sharper. Merck expects biosimilar competition for Keytruda, which sold $31.7 billion in 2025, from 2028, and Bristol Myers Squibb’s Eliquis and Opdivo lose US exclusivity the same year. Buyers are paying up for de-risked assets — and paying more of it through contingent value rights and milestones. These trends are analyzed further in our biotech M&A trends and patent cliff guide.
2026 Pharma M&A By The Numbers
Source: J.P. Morgan Q3 2026 Biopharma Licensing and Venture Report (DealForma). Includes acquisition options and reverse mergers.
Latest Pharma M&A: 2026 Deal Log
Acquisitions of drug companies and drug businesses announced in 2026 with a headline value of $1 billion or more — 44 so far, newest first. Each entry was checked against the company announcement or filing linked in the last column. Licensing deals are tracked separately in our licensing deal tracker.
Acquirer ← target. “Up to” values include CVRs and milestones that may never be paid; premiums are shown where the companies disclosed them. Verified through 19 Oct 2026.
October 2026 · 3 deals
| Date | Deal | Focus | Value | Terms | Source |
|---|---|---|---|---|---|
| 19 Oct | Merck KGaA ← Silence Therapeutics | siRNA medicines for rare and specialty diseases | ~$1.3B equity value ($1.1B EV) | $20.00/ADS cashPremium: 130% to prior close | Source |
| 8 Oct | Viatris ← Pacira BioSciences | Non-opioid pain therapies | ~$1.65B | $36.50/share cash | Source |
| 5 Oct | Shionogi ← IntraBio | Rare neurodegenerative disease franchise | ~$2.0B | Upfront cash | Source |
September 2026 · 1 deal
| Date | Deal | Focus | Value | Terms | Source |
|---|---|---|---|---|---|
| 21 Sep | Telix Pharmaceuticals ← ITM Isotope Technologies Munich | ITM-11 radioligand therapy | Up to $2.35B | $1.65B upfront (mostly Telix shares) + up to $700M milestones | Source |
August 2026 · 3 deals
| Date | Deal | Focus | Value | Terms | Source |
|---|---|---|---|---|---|
| 31 Aug | Eli Lilly ← Merida Biosciences | Autoimmune and allergic disease programs | Up to $2.875B | Undisclosed upfront + milestones | Source |
| 10 Aug | Jazz Pharmaceuticals ← Actio Biosciences | Precision therapy for KCNT1 epilepsy | Up to $1.32B | $820M upfront + up to $500M milestones | Source |
| 3 Aug | Curium (CapVest) ← Lantheus Holdings | Radiopharmaceutical imaging and therapy | Up to ~$8.0B | $102.50/share cash + CVR up to $12Premium: 29% to 30-day VWAP | Source |
July 2026 · 4 deals
| Date | Deal | Focus | Value | Terms | Source |
|---|---|---|---|---|---|
| 27 Jul | argenx ← Forte Biosciences | FB102, anti-CD122 antibody for vitiligo | ~$2.2B | $77/share cash | Source |
| 16 Jul | Eli Lilly ← AtaiBeckley | BPL-003 and VLS-01 for treatment-resistant depression | Up to ~$3.8B | $6.75/share cash + CVR up to $2.50 | Source |
| 6 Jul | Novartis ← Myricx Bio | NMT-inhibitor payload ADCs | Up to $1.5B | $1.1B upfront + up to $400M milestones | Source |
| 6 Jul | Vertex ← Crinetics Pharmaceuticals | Palsonify for acromegaly; atumelnant | ~$10.0B | $85/share cashPremium: 127% to 30-day VWAP | Source |
June 2026 · 7 deals
| Date | Deal | Focus | Value | Terms | Source |
|---|---|---|---|---|---|
| 29 Jun | Ipsen ← Kartos Therapeutics | Navtemadlin for myelofibrosis | Up to $1.75B | $450M upfront + up to $1.3B milestones | Source |
| 22 Jun | AbbVie ← Apogee Therapeutics | Long-acting IL-13 antibody for atopic dermatitis | ~$10.9B | $135.11/share cash | Source |
| 17 Jun | Biogen ← RayThera | Inflammatory disease program | Up to $1.0B | Undisclosed upfront + milestones | Source |
| 9 Jun | GSK ← Nuvalent | ROS1 and ALK inhibitors for lung cancer | ~$10.6B | $124/share cash | Source |
| 8 Jun | Johnson & Johnson ← Firefly Bio | Degrader-antibody conjugate platform | $1.0B | All cash | Source |
| 8 Jun | Incyte ← Vega Therapeutics | Phase 3 bleeding-disorder asset | Up to $2.0B | $1.25B upfront + up to $750M sales milestones | Source |
| 1 Jun | Servier ← Edgewise Therapeutics (muscular dystrophy business) | Sevasemten for muscular dystrophies | Up to $2.65B | $1.55B upfront + up to $1.1B milestones | Source |
May 2026 · 7 deals
| Date | Deal | Focus | Value | Terms | Source |
|---|---|---|---|---|---|
| 26 May | Eli Lilly ← Vaccine Company | Epstein-Barr virus vaccine | Up to $1.55B | Undisclosed upfront + milestones | Source |
| 26 May | Eli Lilly ← Curevo | Shingles vaccine | Up to $1.5B | Undisclosed upfront + one milestone | Source |
| 22 May | CVC / GBL consortium ← Recordati | Specialty and rare disease pharma (take-private) | ~€10.7B | €51.29/share tender offer (reported raised to €53) | Source |
| 7 May | Angelini Pharma ← Catalyst Pharmaceuticals | Rare neuromuscular franchise | ~$4.1B | $31.50/share cashPremium: 28% to 30-day VWAP | Source |
| 6 May | Bayer ← Perfuse Therapeutics | Retinal disease program | Up to $2.45B | $300M upfront + milestones | Source |
| 3 May | UCB ← Candid Therapeutics | T-cell engagers for autoimmune disease | Up to $2.2B | $2.0B upfront + up to $200M milestones | Source |
| 1 May | ARCHIMED ← Esperion Therapeutics | Bempedoic acid cholesterol franchise | Up to ~$1.1B | $3.16/share cash + up to $100M CVRPremium: 58% to prior close | Source |
April 2026 · 8 deals
| Date | Deal | Focus | Value | Terms | Source |
|---|---|---|---|---|---|
| 29 Apr | Chiesi ← KalVista Pharmaceuticals | Hereditary angioedema franchise | ~$1.9B | $27/share cash | Source |
| 27 Apr | Eli Lilly ← Ajax Therapeutics | Myeloproliferative neoplasm program | Up to $2.3B | Undisclosed upfront + milestones | Source |
| 26 Apr | Sun Pharma ← Organon | Women’s health, biosimilars and established brands | ~$11.75B enterprise value | $14/share cash | Source |
| 22 Apr | Amneal ← Kashiv BioSciences | Biosimilars platform | Up to $1.1B | $375M cash + $375M stock + up to $350M milestones | Source |
| 19 Apr | Eli Lilly ← Kelonia Therapeutics | In vivo CAR-T for cancer | Up to $7.0B | $3.25B upfront + milestones | Source |
| 17 Apr | UCB ← Neurona Therapeutics | Regenerative cell therapy for epilepsy | Up to $1.15B | $650M upfront + up to $500M milestones | Source |
| 7 Apr | Gilead ← Tubulis | TUB-040 ADC and conjugation platform | Up to $5.0B | $3.15B upfront + up to $1.85B milestones | Source |
| 6 Apr | Neurocrine Biosciences ← Soleno Therapeutics | Vykat XR for Prader-Willi syndrome | ~$2.9B | $53/share cashPremium: 51% to 30-day VWAP | Source |
March 2026 · 7 deals
| Date | Deal | Focus | Value | Terms | Source |
|---|---|---|---|---|---|
| 31 Mar | Eli Lilly ← Centessa Pharmaceuticals | Orexin agonists for sleep disorders | Up to ~$7.8B | $38/share cash + CVR up to $9 | Source |
| 31 Mar | Biogen ← Apellis Pharmaceuticals | Empaveli and Syfovre (complement C3) | ~$5.6B + CVR | $41/share cash + Syfovre sales CVRPremium: 86% to 90-day VWAP | Source |
| 27 Mar | Novartis ← Excellergy | Next-generation anti-IgE for allergy | Up to $2.0B | Upfront + milestones | Source |
| 27 Mar | Otsuka ← Transcend Therapeutics | Neuropsychiatry pipeline | Up to ~$1.23B | $700M upfront + up to $525M milestones | Source |
| 25 Mar | Merck & Co. ← Terns Pharmaceuticals | TERN-701 for chronic myeloid leukemia | ~$6.7B | $53/share cashPremium: 31% to 60-day VWAP | Source |
| 23 Mar | Gilead (with Galapagos) ← Ouro Medicines | T-cell engager for autoimmune disease | Up to ~$2.18B | $1.675B upfront + up to $500M milestones | Source |
| 6 Mar | Servier ← Day One Biopharmaceuticals | Pediatric low-grade glioma franchise | ~$2.5B | $21.50/share cash | Source |
February 2026 · 2 deals
Biggest Pharma Acquisitions of 2026
Ten deals of $6.7 billion or more have been announced so far in 2026. For comparison, 2025’s largest included Johnson & Johnson’s $14.6 billion acquisition of Intra-Cellular Therapies and Novartis’ $12.0 billion purchase of Avidity Biosciences.
| Announced | Acquirer | Target | Value | Focus |
|---|---|---|---|---|
| May 2026 | CVC / GBL consortium | Recordati | ~€10.7B | Take-private tender offer |
| Apr 2026 | Sun Pharma | Organon | ~$11.75B EV | Women’s health, biosimilars, established brands |
| Jun 2026 | AbbVie | Apogee Therapeutics | ~$10.9B | Long-acting IL-13 antibody, atopic dermatitis |
| Jun 2026 | GSK | Nuvalent | ~$10.6B | ROS1 and ALK inhibitors, lung cancer |
| Jul 2026 | Vertex | Crinetics Pharmaceuticals | ~$10.0B | Palsonify for acromegaly |
| Aug 2026 | Curium (CapVest) | Lantheus Holdings | Up to ~$8.0B | Radiopharmaceuticals |
| Feb 2026 | Gilead | Arcellx | ~$7.8B | BCMA CAR-T for multiple myeloma |
| Mar 2026 | Eli Lilly | Centessa Pharmaceuticals | Up to ~$7.8B | Orexin agonists for sleep disorders |
| Apr 2026 | Eli Lilly | Kelonia Therapeutics | Up to $7.0B | In vivo CAR-T |
| Mar 2026 | Merck & Co. | Terns Pharmaceuticals | ~$6.7B | TERN-701 for CML |
Eli Lilly’s 2026 Acquisition Programme
Eli Lilly → nine $1B+ targets • Immunology, Oncology, Neuroscience, Infectious Disease
Lilly’s growth rests heavily on its incretin franchise. To diversify, it needed new platforms and late-stage programs across several therapeutic areas at once.
Rather than one large takeover, Lilly signed a sequence of mid-sized acquisitions: Ventyx and Merida in immunology, Orna and Kelonia in in vivo CAR-T, Centessa in sleep, AtaiBeckley in psychiatry, Ajax in myeloproliferative neoplasms, and Vaccine Company and Curevo in vaccines. Most are structured as an upfront payment plus milestones or CVRs.
9 of the 44 acquisitions of $1 billion or more in our 2026 log are Lilly’s — more than the next two acquirers combined — and J.P. Morgan counted 13 Lilly transactions in the third quarter alone. Spreading capital across many milestone-heavy deals limits the cost of any single failure.
Therapeutic Area Breakdown
Immunology and oncology lead the 2026 log with 10 and 10 deals, ahead of rare disease (9) and neuroscience (5). The pattern differs from licensing, where obesity drew the largest headline numbers.
Immunology
10 dealsKey deals: AbbVie–Apogee, argenx–Forte, UCB–Candid, Gilead–Ouro, Lilly–Merida, GSK–RAPT
BD signal: Long-acting antibodies for atopic dermatitis and T-cell engagers for autoimmune disease
Oncology
10 dealsKey deals: GSK–Nuvalent, Gilead–Arcellx, Merck–Terns, Lilly–Kelonia, Gilead–Tubulis
BD signal: Targeted small molecules, cell therapy (including in vivo CAR-T) and ADC platforms
Rare disease
9 dealsKey deals: Vertex–Crinetics, Biogen–Apellis, Angelini–Catalyst, Neurocrine–Soleno
BD signal: Commercial-stage rare disease franchises with pricing power
Neuroscience
5 dealsKey deals: Lilly–Centessa, Lilly–AtaiBeckley, Jazz–Actio, UCB–Neurona, Otsuka–Transcend
BD signal: Sleep, psychiatry and precision epilepsy
Specialty pharma consolidation is the other theme: Sun Pharma’s purchase of Organon, the Recordati take-private, Viatris–Pacira and Amneal–Kashiv. Two radiopharmaceutical deals — Curium–Lantheus and Telix–ITM — point to consolidation in that category.
The Patent Cliff Driving M&A
The largest acquirers face their own exclusivity losses within a few years, and the replacement revenue increasingly comes from acquisitions. The table summarizes what the companies themselves disclose in their 2025 filings; generic and biosimilar competition is already eroding several of these franchises.
| Drug | Company | Exclusivity (company disclosure) |
|---|---|---|
| Keytruda | Merck & Co. | $31.7B in 2025 sales. Primary US compound patent expires December 2028; Merck expects biosimilar competition from 2028–2029; EU exclusivity to 2031 |
| Januvia / Janumet | Merck & Co. | US market exclusivity lost in May 2026; Merck expects to lose nearly all US sales |
| Eliquis | Bristol Myers Squibb / Pfizer | US exclusivity to 2028; EU to 2026 |
| Opdivo | Bristol Myers Squibb | US exclusivity to 2028; EU to 2030 |
| Stelara | Johnson & Johnson | Biosimilar competition under way, weighing on J&J’s 2025 growth |
| Entresto | Novartis | US generic competition under way in 2025, a main cause of Novartis’ Q4 US sales decline |
Sources: Merck, Bristol Myers Squibb, Johnson & Johnson and Novartis 2025 annual reports and results releases (see Methodology & Sources).
The Keytruda Problem
Deal Structures, Premiums & Valuations
Understanding how deals are structured and valued is critical for both buyers and sellers, whether pursuing full acquisitions or exploring in-licensing opportunities. Three patterns stand out in 2026.
Contingent consideration is now the norm
27 of the 44 deals in our log include CVRs or milestones. Public-company CVRs ranged from $5 per share on Arcellx and up to $9 on Centessa to up to $12 on Lantheus; private targets such as Tubulis, Kelonia and Candid pair a large upfront with development and sales milestones.
Premiums vary widely
Disclosed premiums to 30-day average prices ranged from 28% (Catalyst) and 29% (Lantheus) to 51% (Soleno), 62% (Ventyx), 68% (Arcellx) and 127% (Crinetics).
Value steps up most at first clinical data
Across biopharma acquisitions since 2021, median upfront consideration rises from $226 million for platform and discovery companies and $314 million at preclinical to $1.0 billion at Phase I, $3.7 billion at Phase III and $9.1 billion for approved-stage targets, according to J.P. Morgan. The preclinical-to-Phase I step is the largest relative jump, and about 69% of 2026 biopharma acquisitions involved Phase II, Phase III or approved-stage targets.
Most Active Acquirers
Counting acquisitions of $1 billion or more in our 2026 log, Eli Lilly leads with 9, followed by Gilead with three and GSK, Novartis, Biogen, UCB and Servier with two each. Each buyer’s targets map closely to its pipeline gaps.
Eli Lilly
- 2026 deals: Ventyx, Orna, Centessa, Kelonia, Ajax, Vaccine Company, Curevo, AtaiBeckley, Merida
- Pattern: Platform and pipeline breadth beyond incretins: immunology, in vivo CAR-T, sleep, psychiatry and vaccines, mostly with milestone-based consideration
Gilead
- 2026 deals: Arcellx, Ouro Medicines, Tubulis
- Pattern: Cell therapy, autoimmune T-cell engagers and ADCs; Ouro is shared 50:50 with Galapagos
GSK
- 2026 deals: RAPT Therapeutics, Nuvalent
- Pattern: A late-stage oncology anchor (Nuvalent) plus food allergy
Novartis
- 2026 deals: Excellergy, Myricx Bio
- Pattern: Next-generation anti-IgE and a novel ADC payload platform
Biogen
- 2026 deals: Apellis, RayThera
- Pattern: Commercial complement franchise plus early immunology
UCB
- 2026 deals: Neurona, Candid
- Pattern: Epilepsy cell therapy and autoimmune T-cell engagers
Q4 2026 Outlook
With $138.9 billion already announced, 2026 will finish well above 2025 regardless of fourth-quarter activity. Several large transactions are still working toward completion, and the drivers behind the first nine months have not changed.
What to watch
- Recordati: the CVC and GBL-led tender offer, reported to have been raised to €53 per share, with the acceptance period extended to 23 October
- Revolution Medicines: independent after Merck’s talks ended in January; it raised about $2.2 billion in April and reported $3.9 billion in cash at the end of June
- Lilly’s pace: whether its run of mid-sized, milestone-heavy acquisitions continues into 2027
Positioning Your Company as an Acquisition Target
For emerging biotech companies and their BD teams, a premium exit requires deliberate preparation. The 2026 deals point to three factors:
Reach the next data point before selling
Median acquisition value roughly triples between preclinical and Phase I. argenx’s offer for Forte came weeks after Forte’s first vitiligo data, at an 86% premium to its average price since that readout.
Build Acquisition-Ready Infrastructure
Clean data rooms, organized regulatory dossiers, compliant manufacturing processes and clear IP positions reduce diligence friction and shorten timelines — our pharma due diligence checklist outlines the full framework.
Expect part of the price to be contingent
With most 2026 deals using CVRs or milestones, the negotiation is as much about which milestones trigger payment — and how achievable they are — as about the headline price. Competitive tension among several strategic buyers remains the strongest lever on the upfront.
Conclusion
2026 has already surpassed 2025 in biopharma M&A value, with ten acquisitions of $6.7 billion or more and a steady stream of $1 billion to $3 billion deals behind them. Lilly’s diversification drive and the patent cliffs facing Merck, Bristol Myers Squibb and others are setting the pace, and buyers are increasingly paying for clinical de-risking through contingent consideration. Our licensing deal tracker covers the parallel licensing market, and our pharma business development guide sets out a framework for deal evaluation.
Frequently Asked Questions
How much has been spent on pharma M&A in 2026?
Biopharma M&A totaled $138.9 billion of upfront cash across 113 deals from January to September 2026, already above the $122.1 billion recorded in all of 2025, according to J.P. Morgan’s Q3 2026 Biopharma Licensing and Venture Report (DealForma data). The second quarter was the strongest, at $66.8 billion across 51 deals.
What are the biggest pharma acquisitions of 2026?
The largest announced deals include the CVC and GBL-led take-private of Recordati (about €10.7 billion), Sun Pharma–Organon (about $11.75 billion enterprise value), AbbVie–Apogee Therapeutics (about $10.9 billion), GSK–Nuvalent (about $10.6 billion), Vertex–Crinetics (about $10.0 billion), Curium–Lantheus (up to about $8.0 billion) and Gilead–Arcellx (about $7.8 billion).
Which companies are making the most acquisitions in 2026?
Eli Lilly is the most active acquirer by far: 9 of the 44 deals of $1 billion or more in our 2026 log, and J.P. Morgan counted 13 Lilly transactions in the third quarter alone. Gilead follows with three $1 billion-plus acquisitions (Arcellx, Ouro Medicines and Tubulis).
What premiums are acquirers paying in 2026?
Disclosed premiums vary widely by asset and reference price. Vertex offered a 127% premium to Crinetics’ 30-day average price, Gilead 68% for Arcellx and Lilly 62% for Ventyx, while Lantheus (29%) and Catalyst (28%) went for smaller premiums to their 30-day averages. Many deals add contingent value rights on top of the cash price.
What is driving pharma M&A in 2026?
Patent expiries are the main driver. Merck expects biosimilar competition for Keytruda, which sold $31.7 billion in 2025, from 2028; Bristol Myers Squibb lists 2028 US exclusivity dates for Eliquis and Opdivo. Buyers are paying most for de-risked assets: approved-stage targets have commanded a median $9.1 billion in upfront consideration since 2021, versus $226 million for discovery-stage companies.
Did Merck acquire Revolution Medicines?
No. Merck was reported to be in talks to buy Revolution Medicines for roughly $30 billion in January 2026, but the Wall Street Journal reported later that month that the talks had ended after the companies failed to agree on price. Merck instead acquired Terns Pharmaceuticals for about $6.7 billion in March 2026.
Methodology & Sources
The 2026 deal log includes acquisitions of drug companies and drug businesses announced between 1 January and 19 Oct 2026 with a headline value of $1 billion or more, including contingent payments, plus notable pharma mergers. It excludes licensing deals, reverse mergers and acquisitions of tools, diagnostics, contract manufacturing and services companies. Values are equity values unless marked as enterprise value (EV). Each deal was checked against the linked announcement or filing. Market totals from J.P. Morgan use DealForma’s broader definition, which includes acquisition options and reverse mergers.
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)
- J.P. Morgan, Q3 2026 Biopharma Licensing and Venture Report (DealForma data through Sept. 30, 2026)
- J.P. Morgan, Q2 2026 Biopharma Licensing and Venture Report (data through June 30, 2026)
- Merck & Co., fourth-quarter and full-year 2025 results (Keytruda sales)
- Merck & Co., 2025 Form 10-K (Keytruda and Januvia exclusivity)
- Bristol Myers Squibb, 2025 Form 10-K (Eliquis and Opdivo exclusivity)
- Johnson & Johnson, fourth-quarter 2025 results (Stelara)
- Novartis, Q4 and full-year 2025 results (Entresto)
- BioSpace, Merck backs off Revolution Medicines after failing to agree on price (Jan 2026)
- Revolution Medicines, second-quarter 2026 results (cash position), Form 8-K
- Financier Worldwide, J&J acquires Intra-Cellular Therapies in $14.6bn deal (Jan 2025)
- Avidity Biosciences, Novartis to acquire Avidity, Form 8-K (Oct 2025)