Biotalk Episode 38: 2026 Q3 Report: Global Trends in Biopharma Transactions

M&A has already topped all of 2025, and China still holds 58% of global licensing value.

In Episode 38 of Biotalk, Geoff Meyerson, CEO of Locust Walk, unpacks our 2026 Q3 Report: Global Trends in Biopharma Transactions.

Licensing: $48B across 41 deals. Value fell 33% from Q2 on just a 5% drop in volume: the story was deal size, as Q2’s megadeals rolled off. Upfronts rebounded to 10% of deal value.

M&A: $173B year-to-date, already above full-year 2025, as buyers shifted toward de-risked, approved assets (52% of Q3 value).

China: 58% of 2026 licensing value, up from 48% in 2025.

Capital Markets: Nine IPOs, PIPEs up to $3.8B, and the XBI up 56% over twelve months, though 86 companies still trade below cash. The recovery is not uniform.

Outlook: An active but selective market, with capital following differentiated assets and clear risk-sharing. Benchmark against comparable deals, not headline megadeals.