Five attorneys authored the Chambers and Partners Global Practice Guide chapter “Life Sciences 2026 USA: Trends and Developments,” which examines market, dealmaking, and policy industry trends.
The authors explain the life sciences industry navigated a challenging landscape in 2025, marked by early policy uncertainty that gave way to a strong second-half rebound in public markets, M&A and licensing activity. Licensing deal values climbed well above recent benchmarks, with transactions involving Chinese biotech firms playing an increasingly prominent role. Venture capital, while subdued, reflected continued deployment toward de-risked, later-stage opportunities.
The trends that shaped the sector’s upward trajectory to close the year have carried into 2026, with the impending drug patent cliff expected to continue driving both M&A and licensing activity as companies seek to fill gaps in their pipelines. The intensifying GLP-1 weight loss drug market and advancing AI applications in drug discovery will likely continue to influence innovation and deal activity. While the policy environment appears to be stabilizing, uncertainties around most-favored-nation drug pricing, tariffs, and the BIOSECURE Act created both opportunities and challenges.
The chapter was authored by life sciences licensing partner David McIntosh, mergers & acquisitions partner Matt Byron, intellectual property transactions associate Zoe Dettelbach and corporate associates Paul Matheke and Toby Shao.
Lincoln Tsang, partner and head of the firm’s European life sciences practice, served as contributing editor of Global Practice Guide: Life Sciences 2026. In a column titled “Navigating the Ever-Changing Global Regulatory Landscape: Adapting to Disruption and Uncertainty,” Lincoln notes the evolving global regulatory landscape—shaped by geopolitical tensions, regional conflicts and policy divergence—continues to present both challenges and opportunities. Successfully navigating this environment calls for a considered approach, with an emphasis on agility, informed decision-making and strategic foresight. For life sciences organizations, remaining responsive to change and attentive to emerging trends will be key to addressing complexity and making the most of new developments.
The Life Sciences 2026 guide features nearly 30 jurisdictions. The guide provides the latest legal information on the regulatory framework for life sciences; clinical trials; the marketing, manufacturing and distribution of pharmaceuticals and medical devices; their import, export and pricing; and regulatory reliance and fast-track registration.
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