Biotalk Episode 36: 2026 Q2 Report: Global Trends in Biopharma Transactions

During Episode 36 of Biotalk, Geoff Meyerson, CEO of Locust Walk, unpacks our 2026 Q2 Report: Global Trends in Biopharma Transactions, covering capital markets, strategic deals, and regional trends. 

Market Overview: 2026 Q2 confirmed that 2025’s momentum was durable: strategic activity stayed exceptionally strong, public markets kept reopening, and Europe’s venture market rebounded sharply. China cemented its lead in global licensing while the U.S. dominated M&A and public markets.

Strategic Transactions: Licensing held near record levels at ~$72B across 43 deals, with average deal size reaching a record ~$1.7B as pharma concentrated capital on fewer, earlier-stage assets. China drove ~60% of first-half value, anchored by the $15B+ Bristol Myers Squibb–Hengrui collaboration, even as upfronts fell to just ~5% of deal value.

M&A hit a record ~$80B across 34 transactions, up 222% year-over-year, with U.S. sellers accounting for ~93% of value and oncology leading at ~40%.

Capital Markets: U.S. markets kept reopening: seven IPOs raised ~$3.1B (a five-year high), venture reached ~$4.5B, and layoffs fell to a three-year low. Europe’s venture market rebounded more than fivefold to ~$3.3B, led by Isomorphic Labs’ $2.1B Series B.

Outlook: Dealmaking is strong and markets are opening, but structures will keep favoring milestone-heavy economics. China’s licensing dominance and U.S. leadership in M&A and financings will shape strategy through the rest of 2026.