Biotech mergers and acquisitions remain strong with billion-dollar-scale deals even in the era of AI unicorns

Currently, the biotechnology industry is consolidating its market position with a quiet yet strong presence, amid the rapid growth and billion-dollar valuations of AI unicorn companies. Over the past two years, mergers and acquisitions in the biotech sector have reached a transaction volume of over $38 billion, and this active trend is expected to continue through 2026.

2024 and 2025 have been recorded as peak periods for biotech M&A activity. It has been confirmed that at least nine American companies in the field completed transactions exceeding $1 billion. The largest deal was Johnson & Johnson’s acquisition of Halda Therapeutics for $3.05 billion.

Although the share of biotechnology in overall recent financing has declined, major acquisition cases continue to advance. Last year, biotech accounted for less than 9% of investments in U.S. startups, hitting a historic low. Initial public offering activity is also subdued.

Currently, the biotech sector shows neither signs of decline nor explosive growth but maintains a stable trend, creating conditions for long-term sustainable development. Against this backdrop, biotech companies are continuously exploring growth opportunities through investment and M&A activities.