In a Reuters newswire article, mergers & acquisitions partner Emily Oldshue discussed the factors driving the rapid pace of 2026 life sciences acquisitions by large drugmakers to boost their pipelines ahead of upcoming patent losses.
The article said that biotechnology mergers & acquisitions in the first quarter of 2026 hit $84 billion, up from $44.4 billion a year earlier, based on a combination of strategic urgency, tighter private funding and an uncertain IPO market.
Emily explained that life sciences companies are placing multiple bets and deploying a variety of structures to hedge and spread risks.
The Reuters article notes that Emily led the firm in advising life sciences clients in deals including Lilly in the acquisition of Ajax Therapeutics for up to $2.3 billion, Gilead Sciences in the acquisition of Arcellx for up to $7.8 billion, Novo Nordisk in its $5.2 billion acquisition of Akero Therapeutics, and Pfizer in its $11.6 billion acquisition of Biohaven Pharmaceuticals, immediately following a spin-off of non-core Biohaven assets.
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