Deal Library / Pharma BD Deal Intelligence

Pharma Deals of 2026

The Pharma Closeout tracks 119 deals, $234.3B in disclosed deal value, 54 with a post-close Outcome Score for the year 2026.

Median Critic Score: 69  ·  Median Outcome Score: 59

Best outcome: Servier Pharmaceuticals LLC / Day One Biopharmaceuticals Inc. (75)  ·  Weakest outcome: Merck & Co. Inc. / Protillion Biosciences, Inc. (48)

All 119 deals

• Servier Pharmaceuticals LLC / Day One Biopharmaceuticals Inc. — 2026 · $2.5B · Worked — the deal delivered on its rationale.
• Servier / Edgewise Therapeutics, Inc. — 2026 · $2.6B · Worked — the deal delivered on its rationale.
• AstraZeneca PLC / Dizal Pharmaceutical Co., Ltd — 2026 · $1.5B · Largely worked — most objectives met.
• Travere Therapeutics, Inc. / Everest Medicines Limited — 2026 · $1.1B · Largely worked — most objectives met.
• AbbVie Inc. / Apogee Therapeutics, Inc. — 2026 · $10.9B · Largely worked — most objectives met.
• Pfizer Inc. / Innovent Biologics, Inc. — 2026 · $10.5B · Largely worked — most objectives met.
• GSK plc / Nuvalent, Inc. — 2026 · $10.6B · Largely worked — most objectives met.
• Fosun Wanbang Pharma Group / Shanghai Junshi Biosciences Co., Ltd. — 2026 · $187M · Largely worked — most objectives met.
• Novo Nordisk A/S / Vivtex Inc. — 2026 · $2.1B · Largely worked — most objectives met.
• Ipsen S.A. / Kartos Therapeutics, Inc. — 2026 · $1.8B · Largely worked — most objectives met.
• Vertex Pharmaceuticals Incorporated / Crinetics Pharmaceuticals, Inc. — 2026 · $10.0B · Largely worked — most objectives met.
• Incyte Corporation / Vega Therapeutics, Inc. — 2026 · $2.0B · Largely worked — most objectives met.
• Ipsen S.A. / Memo Therapeutics AG — 2026 · $797M · Largely worked — most objectives met.
• Rallybio Corporation / Avenzo Therapeutics Inc. — 2026 · $300M · Largely worked — most objectives met.
• Eli Lilly and Company / Hanmi Pharmaceutical Co. Ltd. — 2026 · $1.3B · Largely worked — most objectives met.
• Sanofi SA / Sino Biopharmaceutical Ltd. — 2026 · $1.5B · Largely worked — most objectives met.
• Agios Pharmaceuticals Inc. / Oscotec Inc. — 2026 · $165M · Largely worked — most objectives met.
• Zymeworks Inc. / Theravance Biopharma, Inc. — 2026 · $929M · Largely worked — most objectives met.
• Astellas Pharma Inc. / Sangamo Therapeutics, Inc. — 2026 · $50M · Largely worked — most objectives met.
• Novartis AG / Myricx Bio Ltd. — 2026 · $1.5B · Largely worked — most objectives met.
• Spero Therapeutics, Inc. / Innovent Biologics, Inc. — 2026 · $1.1B · Largely worked — most objectives met.
• Eli Lilly and Company / Ascidian Therapeutics, Inc. — 2026 · $1.9B · Largely worked — most objectives met.
• Regeneron Pharmaceuticals, Inc. / CytomX Therapeutics, Inc. — 2026 · $4.0B · Largely worked — most objectives met.
• Remix Therapeutics, Inc. / Passage Bio, Inc. — 2026 · $226M · Largely worked — most objectives met.
• AstraZeneca PLC / CSPC Pharmaceutical Group Ltd. — 2026 · $18.5B · Largely worked — most objectives met.
• Eli Lilly and Company / AtaiBeckley Inc. — 2026 · $3.8B · Largely worked — most objectives met.
• Novartis AG / Chai Discovery, Inc. — 2026 · Mixed — partial payoff, real shortfalls.
• United Therapeutics Corporation / Thymmune Therapeutics, Inc. — 2026 · $300M · Mixed — partial payoff, real shortfalls.
• Nuvectis Pharma, Inc. / Haisco Pharmaceutical Group Co., Ltd. — 2026 · $1.5B · Mixed — partial payoff, real shortfalls.
• Novartis AG / Orionis Biosciences, Inc. — 2026 · $1.4B · Mixed — partial payoff, real shortfalls.
• AstraZeneca PLC / CSPC Pharmaceutical Group Ltd. — 2026 · $1.8B · Mixed — partial payoff, real shortfalls.
• Johnson & Johnson / Firefly Bio, Inc. — 2026 · $1.0B · Mixed — partial payoff, real shortfalls.
• Serapha Bio, Inc. / Boundless Bio, Inc. — 2026 · $230M · Mixed — partial payoff, real shortfalls.
• Xiamen Amoytop Biotech Co., Ltd. / Aligos Therapeutics, Inc. — 2026 · $445M · Mixed — partial payoff, real shortfalls.
• Eli Lilly and Company / Haisco Pharmaceutical Group Co., Ltd. — 2026 · $3.1B · Mixed — partial payoff, real shortfalls.
• Genentech Inc. (Roche Holding AG) / Astex Pharmaceuticals Inc. — 2026 · $490M · Mixed — partial payoff, real shortfalls.
• Alnylam Pharmaceuticals, Inc. / Inceptive Nucleics, Inc. — 2026 · $2.0B · Mixed — partial payoff, real shortfalls.
• QuantumCell ApS / AlzeCure Pharma AB — 2026 · $2.2B · Mixed — partial payoff, real shortfalls.
• GSK plc / Suzhou Siran Biotechnology Co., Ltd. — 2026 · $1.1B · Mixed — partial payoff, real shortfalls.
• Eli Lilly and Company / AlzeCure Pharma AB — 2026 · $1.0B · Mixed — partial payoff, real shortfalls.
• Boulevard Bio, Inc. / METiS TechBio — 2026 · $1.6B · Mixed — partial payoff, real shortfalls.
• Takeda Pharmaceutical Company Limited / Insilico Medicine Inc. — 2026 · $600M · Mixed — partial payoff, real shortfalls.
• Pfizer Inc. / Novavax Inc. — 2026 · $530M · Mixed — partial payoff, real shortfalls.
• Eli Lilly and Company / Sangamo Therapeutics, Inc. — 2026 · $50M · Mixed — partial payoff, real shortfalls.
• Galmed Pharmaceuticals Ltd. / Colospan Ltd. — 2026 · $4M · Mixed — partial payoff, real shortfalls.
• Orion Corporation / Shilpa Biologicals Private Limited — 2026 · Mixed — partial payoff, real shortfalls.
• Cartesian Therapeutics, Inc. / WestGene Biopharma Co., Ltd. — 2026 · Mixed — partial payoff, real shortfalls.
• Biogen Inc. / RayThera Inc. — 2026 · $1.0B · Mixed — partial payoff, real shortfalls.
• Teva Pharmaceutical Industries Ltd. / Samsung Bioepis Co., Ltd. — 2026 · Mixed — partial payoff, real shortfalls.
• Jazz Pharmaceuticals PLC / AbCellera Biologics Inc. — 2026 · $848M · Mixed — partial payoff, real shortfalls.
• Eli Lilly and Company / 4E Therapeutics, Inc. — 2026 · Mixed — partial payoff, real shortfalls.
• Merck & Co. Inc. / Protillion Biosciences, Inc. — 2026 · $510M · Mixed — partial payoff, real shortfalls.
• SK Biopharmaceuticals Co., Ltd. / Insilico Medicine Inc. — 2026 · $2.5B · Mixed — partial payoff, real shortfalls.
• China Medical System Holdings Limited / Insilico Medicine Inc. — 2026 · $165M · Mixed — partial payoff, real shortfalls.
• Bayer AG / Perfuse Therapeutics, Inc. — 2026 · $2.5B
• Angelini Pharma S.p.A. / Catalyst Pharmaceuticals, Inc. — 2026 · $4.1B
• InMed Pharmaceuticals Inc. / Mentari Therapeutics, Inc. — 2026 · $290M
• Liminatus Pharma, Inc. / InnocsAI, Inc. — 2026 · $320M
• Bristol-Myers Squibb Company / Jiangsu Hengrui Pharmaceuticals Co., Ltd. — 2026 · $15.2B
• Eli Lilly and Company / Vaccine Company, Inc. — 2026 · $1.6B
• AstraZeneca plc / Pinetree Therapeutics, Inc. — 2026 · $500M
• Novartis AG / Unnatural Products, Inc. — 2026 · $1.8B
• ARCHIMED (private equity) / Esperion Therapeutics, Inc. — 2026 · $1.1B
• Mirador Therapeutics, Inc. / Kira Pharmaceuticals — 2026 · $12M
• Apotex Inc. / Cumberland Pharmaceuticals branded U.S. commercial business — 2026 · $100M
• Sanofi SA / Kali Therapeutics, Inc. — 2026 · $1.2B
• Roche Holding AG (via Foundation Medicine, Inc.) / SAGA Diagnostics AB — 2026 · $595M
• Sino Biopharmaceutical Limited / GSK plc — 2026
• Eli Lilly and Company / Kelonia Therapeutics, Inc. — 2026 · $7.0B
• Neopharmed Gentili S.p.A. (Irish affiliate) / BioCryst Pharmaceuticals, Inc. — 2026 · $345M
• Zydus Lifesciences Limited / Assertio Holdings, Inc. — 2026 · $166M
• Eli Lilly and Company / Profluent Bio — 2026 · $2.2B
• Otsuka Pharmaceutical Co., Ltd. / Transcend Therapeutics, Inc. — 2026 · $1.2B
• Chiesi Group / KalVista Pharmaceuticals, Inc. — 2026 · $1.9B
• Eli Lilly and Company / Curevo Vaccine, Inc. — 2026 · $1.5B
• MacroGenics, Inc. / Sagard Healthcare Partners — 2026 · $80M
• AbbVie Inc. / Haisco Pharmaceutical Group Co., Ltd. — 2026 · $745M
• GlaxoSmithKline plc / Frontier Biotechnologies Inc. — 2026 · $1.0B
• BeOne Medicines Ltd. / Huahui Health Ltd. — 2026 · $2.0B
• UCB S.A. / Candid Therapeutics, Inc. — 2026 · $2.2B
• Gilead Sciences Inc. / Ouro Medicines, Inc. — 2026 · $2.2B
• Biogen Inc. / Apellis Pharmaceuticals, Inc. — 2026 · $5.6B
• Novartis AG / Excellergy, Inc. — 2026 · $2.0B
• BCM Europe AG / OSR Holdings, Inc. — 2026 · $815M
• Phoenix Asia Holdings Limited / ACEA Pharma, Inc. (subsidiary of ACEA Therapeutics / Scilex Holding Company) — 2026 · $1.0B
• Whitehawk Therapeutics, Inc. / Hangzhou DAC Biotech Co., Ltd. — 2026
• Regeneron Pharmaceuticals, Inc. / Telix Pharmaceuticals Limited — 2026 · $2.1B
• SERB Pharmaceuticals SA / Hansa Biopharma AB — 2026 · $134M
• MeiraGTx Holdings plc / Johnson & Johnson (Janssen Pharmaceuticals) — 2026 · $25M
• Ligand Pharmaceuticals Incorporated / XOMA Royalty Corporation — 2026 · $739M
• Pathos AI, Inc. / DeuterOncology N.V. — 2026
• Eli Lilly and Company / LimmaTech Biologics AG — 2026 · $780M
• Eli Lilly and Company / Engage Biologics, Inc. — 2026 · $202M
• Sun Pharmaceutical Industries Limited / Organon & Co. — 2026 · $11.8B
• Teva Pharmaceutical Industries Ltd. / Emalex Biosciences, Inc. — 2026 · $900M
• Roche Holding AG / PathAI, Inc. — 2026 · $1.1B
• Incyte Corporation / Genesis Molecular AI, Inc. — 2026 · $1.0B
• Sanofi SA / Chia Tai Tianqing Pharmaceutical Group (subsidiary of Sino Biopharmaceutical Limited) — 2026 · $1.5B
• UCB S.A. / Neurona Therapeutics, Inc. — 2026 · $1.1B
• Amneal Pharmaceuticals, Inc. / Kashiv BioSciences, LLC — 2026 · $1.1B
• Eli Lilly and Company / Centessa Pharmaceuticals plc — 2026 · $7.8B
• Asahi Kasei Life Science Corporation / The Noguchi Institute — 2026
• Eli Lilly and Company / Ajax Therapeutics, Inc. — 2026 · $2.3B
• Context Therapeutics Inc. / BioAtla, Inc. — 2026 · $6M
• Jasper Therapeutics, Inc. / Kira Pharmaceuticals — 2026
• Neurocrine Biosciences Inc. / Soleno Therapeutics, Inc. — 2026 · $2.9B
• Gilead Sciences Inc. / Tubulis GmbH — 2026 · $5.0B
• Rigel Pharmaceuticals, Inc. / Arvinas, Inc. / Pfizer Inc. — 2026 · $405M
• Cue Biopharma, Inc. / Ascendant Health Sciences Ltd. (Ascendant-221) — 2026 · $692M
• Eli Lilly and Company / CrossBridge Bio, Inc. — 2026 · $300M
• Eurobio Scientific / CareDx Lab Products business — 2026 · $170M
• Eli Lilly and Company / Orna Therapeutics, Inc. — 2026 · $2.4B
• LEO Pharma A/S / Replay Holdings LLC — 2026 · $50M
• Eli Lilly and Company / Ventyx Biosciences, Inc. — 2026 · $1.2B
• Aptevo Therapeutics Inc. / Niowave, Inc. — 2026
• Merck & Co. Inc. / Terns Pharmaceuticals, Inc. — 2026 · $6.7B
• Novartis AG / Pikavation Therapeutics, Inc. — 2026 · $3.0B
• AbbVie Inc. / Kestrel Therapeutics, Inc. — 2026 · $1.4B
• Quince Therapeutics, Inc. / Orphai Therapeutics Inc. — 2026

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