Pharmaceutical companies are hungry to make deals, and they’re making more than they have in years.
In the past six months, there have been 32 biotech acquisitions valued at $1 billion or more. Pharmaceutical companies and even some large biotech companies have spent around $123 billion on these deals.
They’ve blown past last year’s totals in roughly half the amount of time. Pharma companies struck 26 blockbuster M&A deals in 2025, spending $112 billion altogether.