Biotech deals surge to record as fear of missing out grips Big Pharma
Pharma and biotech dealmaking hit about $123 billion across 32 deals of $1 billion or more by early July 2026, putting the year on track to be the biggest since 2019. The rush is driven by a patent cliff of roughly $300 billion in annual revenue and around 70 blockbuster drugs losing protection, with AbbVie paying a 49% premium for Apogee.
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