Real-time tracking of the most significant transactions across the global healthcare landscape — from biopharma and AI Drug Discovery IPO & Financing, M&A and licensing deals to MedTech acquisitions, CDMO expansions, and CRO partnerships.
M&A transactions, licensing deals, IPOs & financing, and strategic partnerships across the global biopharma landscape
Jan–May 2026 • $64B+ M&A • $60B+ Licensing
Deal of the Year
Sun Pharma Acquires Organon — $11.75B
The largest pharma deal ever by an India-based acquirer. Sun Pharma's landmark acquisition of Organon reshapes the global generics and women's health landscape, creating a combined entity with diversified therapeutic reach across 165+ markets.
$11.75B upfront
Deal Value
165+ markets
Global Reach
2026 YTD
Largest Deal
M&A Transactions
M&AMay 2026
Gilead Sciences — $12.7B across 3 acquisitions
Gilead leads the 2026 league table with $12.7B in total deal value across three transactions, primarily in oncology and infectious disease.
Biogen expands its autoimmune and immunology portfolio with the acquisition of Apellis, adding complement-pathway assets.
M&AFeb 2026
Eli Lilly Acquires Orna Therapeutics — $2.4B
Lilly acquires Orna's in vivo CAR-T technology platform for autoimmune diseases, adding circular RNA capabilities.
Licensing Deals
LicenseQ4 2025
CSPC Pharmaceutical → AstraZeneca — GLP-1
AstraZeneca in-licenses CSPC's GLP-1 weight-loss drug in the largest biotech licensing deal of 2025–2026, transforming the obesity competitive landscape.
LicenseQ2 2025
Hengrui Pharma → GSK — Multi-program
GSK in-licenses 12 drug candidates across respiratory, immunology/inflammation and oncology from Hengrui. $500M upfront with ~$12B milestones.
LicenseQ3 2025
BioNTech → Bristol Myers Squibb — Oncology
BMS in-licenses BioNTech's next-generation bispecific antibody for oncology. $1.5B upfront — one of the largest single upfronts in biotech history.
LicenseEarly 2026
RemeGen → AbbVie — ADC Platform
AbbVie in-licenses RemeGen's antibody-drug conjugate platform, deepening its oncology portfolio with next-gen ADC technology.
Summit licenses ivonescimab, a PD-1/VEGF bispecific antibody, for global development and commercialization in oncology.
LicenseQ1 2026
Sino Biopharmaceutical → Sanofi
Sanofi partners with Sino Biopharmaceutical for development and commercialization of advanced therapeutic compounds discovered by Sino Bio.
IPO & Financing
Company
Exchange
Raised
Ticker
Month
Focus
Kailera Therapeutics US
NASDAQ
$718.8M
KLRA
Apr 2026
Obesity (GLP-1/GIP dual agonist ribupatide)
Eikon Therapeutics US
NASDAQ
$381M
—
2026
Oncology (TLR7/8 agonist + pembrolizumab)
Aktis Oncology US
NASDAQ
$365M
—
Jan 2026
Radiopharmaceuticals (Nectin-4 targeting)
Veradermics US
NYSE
$294.8M
MANE
Feb 2026
Dermatology (oral minoxidil for hair loss)
Alamar Biosciences US
NASDAQ
$219.9M
ALMR
Apr 2026
Proteomics (neurology, Alzheimer’s biomarkers)
Agomab Therapeutics Belgium
NYSE
$200M
AGMB
Feb 2026
Fibrosis (TGFβ, Crohn’s, IPF)
Odyssey Therapeutics US
NASDAQ
$172.5M
ODTX
May 2026
Immunology (inflammation drug development)
HKEX Watch:HKEX
HKEX Chapter 18A continues to attract healthcare listings — ICONBIOL filed HKEX IPO in Mar 2026, and 84 biotech companies have listed via Chapter 18A as of Jan 2026.
ICONBIOL (ICON Biotechnology)
Filed HKEX IPO Mar 2026, ~$500M target
84 Biotech Listed via Ch.18A
HKEX Biotech framework — as of Jan 2026
AI Drug Discovery
AI-powered R&D is transforming drug discovery — from computational design to clinical trials, AI-native companies are reshaping the biopharma value chain
$15B+ AI drug discovery deals YTD • 100+ AI-designed molecules in pipelines
Landmark AI Financing
Isomorphic Labs Raises $2.1B Series B
Google DeepMind spin-out (founded by Demis Hassabis) raises $2.1B led by Thrive Capital, with participation from Alphabet and GV. The funding will power its AI drug design engine and advance AI-designed drug candidates toward clinical trials. Isomorphic's AlphaFold-derived platform enables structure-based drug design at unprecedented speed and accuracy.
$2.1B Series B
Financing Round
Thrive Capital lead
Lead Investor
May 2026
Announced
M&A & Licensing
LicenseJan 2025
Isomorphic Labs → Eli Lilly & AbbVie — Multi-target
Isomorphic Labs signs multi-target drug discovery partnerships with Eli Lilly and AbbVie, collectively worth up to $3B+ in milestones. The deals leverage AlphaFold-derived structure prediction for novel target design.
Recursion expands its AI drug discovery platform by acquiring Cyclica (computational drug design) and Valence (small molecule AI). Consolidates its position as the largest publicly traded AI-native biotech with 4+ clinical programs.
License2025–2026
Exscientia → Merck KGaA — AI-Designed Oncology
Exscientia partners with Merck KGaA on AI-designed oncology candidates, using precision medicine algorithms to identify optimal patient subgroups. Deal includes $600M+ in potential milestones.
License2025
Insilico Medicine — Multiple Out-licensing Deals
Insilico Medicine out-licenses AI-discovered assets across fibrosis, oncology and CNS. ISM001-055 (AI-discovered anti-fibrotic) enters Phase II — the first fully AI-discovered drug to reach late-stage clinical trials.
IPO & Financing
IPOMar 2026
Generate Biomedicines — $400M IPO (NASDAQ: GENB)
Flagship-founded Generate Biomedicines goes public on NASDAQ, raising $400M. The company uses generative biology AI to design novel protein therapeutics, with its lead asset (anti-TSLP) in Phase 3 for asthma.
FinancingQ4 2025
Genesis Therapeutics — $200M Series C
Genesis Therapeutics raises $200M Series C to advance its AI-driven molecular design platform for difficult-to-drug targets. The round was led by a16z Bio + Health, with participation from Fidelity and BlackRock.
Financing2025–2026
XtalPi — $600M+ for AI Drug Design
XtalPi, backed by Tencent and SoftBank, raises $600M+ to scale its AI-powered crystal structure prediction and drug design platform. The company partners with Pfizer, Google and multiple China biotechs for AI-accelerated molecular optimization.
PartnershipQ1 2026
Absci Corporation & Merck — Generative AI Antibody Design
Absci expands its partnership with Merck, using generative AI to design novel antibody therapeutics. The collaboration leverages Absci's zero-shot AI model for de novo antibody generation, significantly reducing discovery timelines.
MedTech
Medical device, diagnostics and digital health — M&A, licensing, IPOs & financing, partnerships and expansion
$18B+ MedTech M&A YTD 2026
Deal of the Year — MedTech
Johnson & Johnson Acquires Shockwave Medical — $13.1B
J&J's landmark acquisition of Shockwave Medical accelerates its cardiovascular portfolio, adding intravascular lithotripsy (IVL) technology used in complex calcified coronary and peripheral artery disease. The deal marks J&J MedTech's largest acquisition, cementing its position as a top-tier cardiovascular platform.
$13.1B upfront
Deal Value
IVL technology
Platform
Cardiovascular
Therapeutic Area
M&A & Licensing
AcquisitionQ1 2026
Abbott Acquires Enovis Vascular Unit
Abbott expands its structural heart and vascular portfolio through a targeted acquisition of Enovis's vascular division, strengthening its position in peripheral artery disease treatment devices.
Medtronic acquires EOFlow, maker of the EOPatch wearable insulin delivery device, to complement its MiniMed insulin pump business and expand into patch-pump diabetes management globally.
AcquisitionQ3 2025
Stryker Acquires Inari Medical — VTE Treatment
Stryker acquires Inari Medical, a leader in venous thromboembolism (VTE) treatment devices, for $4.9B. The acquisition adds Inari's FlowTriever and ClotTriever mechanical thrombectomy systems.
AcquisitionQ4 2025
BD Acquires Edwards Lifesciences Critical Care — $4.2B
Becton Dickinson acquires Edwards Lifesciences' Critical Care segment, adding hemodynamic monitoring and advanced patient monitoring technologies. Enhances BD's position in acute care and ICU environments globally.
AcquisitionQ1 2026
Siemens Healthineers Acquires Corteva Diagnostics
Siemens Healthineers expands its in-vitro diagnostics (IVD) portfolio by acquiring Corteva Diagnostics, gaining access to advanced point-of-care testing and lab automation solutions.
Partnerships & Expansion
PartnershipEarly 2026
GE HealthCare & Nvidia — AI Diagnostics Platform
GE HealthCare and Nvidia announce a strategic partnership to integrate AI-accelerated computing across GE's imaging and diagnostics platforms. The collaboration targets AI-driven radiology, pathology, and clinical decision support at scale.
Expansion2025–2026
Mindray — Global IVD & Monitoring Expansion
China's Mindray Medical scales global IVD and patient monitoring distribution across 190+ countries. New partnership with European hospital networks for integrated ICU monitoring. EU MDR Class IIa/IIb clearances accelerate market penetration.
CDMO & CRO
Global contract development, manufacturing, and clinical research organisations — M&A, capacity expansions, partnerships and new service models
$30B+ CDMO/CRO Deals YTD 2026
CDMO Mega-Deal
Novo Holdings Acquires Catalent — $16.5B
Novo Holdings (Novo Nordisk Foundation's investment arm) acquires Catalent, one of the world's largest CDMOs, for $16.5B. The deal is primarily to secure Catalent's fill-finish manufacturing capacity for Novo Nordisk's GLP-1 drugs (Ozempic, Wegovy), addressing the global demand surge. Three Catalent sites will be transferred to Novo Nordisk, while Novo Holdings retains the remainder as an independent CDMO.
$16.5B acquisition
Deal Value
GLP-1 capacity
Strategic Rationale
50+ global sites
Manufacturing Network
CDMO & Manufacturing Partnerships
CDMO2025–2026
WuXi Biologics — Global Capacity Expansion
WuXi Biologics accelerates international CDMO expansion with new facilities in Ireland and Singapore. Despite US BIOSECURE Act headwinds, the company retains a strong non-US client base and continues to win biologics manufacturing contracts from European and Asian innovators.
Samsung Biologics launches its fifth biomanufacturing plant (180,000L capacity) at Incheon BioCluster, bringing total capacity to 784,000L — the world's largest single-site CDMO. Secures $7B+ in new multi-year manufacturing contracts including an Eli Lilly long-term biologic supply deal.
CDMOQ3 2025
Lonza — Cell & Gene Therapy Capacity Ramp
Lonza expands its Cocoon Platform cell therapy manufacturing and opens a dedicated AAV gene therapy manufacturing suite in Portsmouth, NH. Secures multi-year supply agreements with top-tier CAR-T and gene therapy developers.
CDMO2025–2026
Asymchem — China CDMO Leader Expands Globally
Asymchem Laboratories expands US and European API manufacturing footprint. Wins multiple GLP-1 peptide API supply contracts as global demand for obesity drugs surges; also active in ADC linker-payload CDMO services.
CDMO2025–2026
Thermo Fisher — Patheon CDMO Network Expansion
Thermo Fisher expands its Patheon CDMO network with new sterile injectable lines in Greenville, NC and Monza, Italy. Wins $3B+ in new multi-year pharma manufacturing contracts including mRNA lipid nanoparticle (LNP) production.
CDMOQ1 2026
FUJIFILM Diosynth — $1.2B US Biomanufacturing Expansion
FUJIFILM Diosynth Biotechnologies completes a $1.2B expansion of its Holly Springs, NC large-scale mammalian cell culture facility. The site becomes one of North America's largest CDMO facilities for monoclonal antibody and gene therapy production.
Clinical Research Organisations (CRO)
CROQ2 2026
IQVIA Acquires Certara — Biosimulation & CRO
IQVIA acquires Certara, a leading biosimulation and model-informed drug development (MIDD) company, to integrate quantitative pharmacology capabilities into its clinical CRO and real-world evidence platform.
CROQ1 2026
ICON plc — Decentralised Trial Expansion
ICON plc announces a major expansion of its decentralised clinical trial (DCT) capabilities, partnering with three digital health platforms. Wins a $1.2B multi-year contract from a top-5 pharma company for global Phase 2/3 execution.
CROQ4 2025
Labcorp — Central Lab & CRO Services Growth
Labcorp Drug Development expands global central laboratory services with new hubs in Singapore and Dublin, supporting complex clinical trial biomarker testing. Wins strategic FSP (Functional Service Provider) agreements with three top-10 pharma companies.
CROQ1 2026
Parexel — AI-Driven Clinical Operations
Parexel launches AI-powered clinical trial platform integrating real-world data, predictive enrollment modelling, and automated site selection. Wins $800M+ in new contracts from mid-size biotechs for Phase 2/3 oncology and rare disease programmes.
China Healthcare Overview 2026
The world's fastest-growing healthcare innovation hub — from biopharma out-licensing to AI drug discovery, MedTech exports and CDMO/CRO dominance
Updated May 2026
Market Snapshot
$60B+
Out-licensing YTD 2026
60+
Assets out-licensed
$28B
MedTech market size
$18B+
CRO/CDMO revenue
15+
AI-designed molecules in clinic
50+
CHC Tracked Assets
Key Healthcare Themes
GLP-1/Obesity: China-origin assets leading global deals (CSPC→AZ $18.5B)
ADC Platforms: Dominant in global out-licensing (RemeGen→AbbVie $5.6B)
CDMO/CRO Dominance: WuXi, Asymchem, Tigermed, Pharmaron commanding global biologics, API & clinical services
AI Drug Discovery: Insilico, XtalPi, ByteDance-backed — AI-designed molecules entering clinical trials
Out-licensing
Global Licensing Surge
China biopharma out-licensing reached record $60B+ in 2025–2026. Global pharma acquires China-origin assets for oncology, metabolic, and autoimmune indications.
CDMO & Manufacturing
China CDMO Global Ascent
WuXi Biologics, Asymchem, and Samsung Biologics position China as the world's top biologics and API CDMO hub. GLP-1 and ADC demand drives record capacity expansions across Asia-Pacific.
AI Drug Discovery
AI-Powered R&D Revolution
Insilico Medicine's ISM001-055 (AI-discovered anti-fibrotic) enters Phase II. XtalPi raises $600M+ for AI-driven drug design. 15+ AI-designed molecules from China now in clinical trials, covering oncology, immunology and CNS.
MedTech
MedTech Export Powerhouse
China's $28B+ MedTech market fuels global expansion. Mindray leads IVD and patient monitoring exports. United Imaging installs 2,000+ MRI/CT systems overseas. MicroPort's Firehawk stent approved in 20+ countries. Surgical robot makers (TINAVI, Edge Medical) enter EU & MENA.
CRO Services
CRO Scaling & Global Reach
Tigermed (300+ global sites) and Pharmaron expand full-service CRO offerings — from early discovery through Phase III. China CROs leverage 30–50% cost advantage and rapid patient enrollment to attract global pharma sponsors.
HKEX & IPOs
HKEX Healthcare Listings
Multiple China healthcare companies — including biotechs, MedTech and CDMO players — listed on HKEX in 2025–2026. HKEX remains the preferred gateway for Asia-Pacific healthcare capital. Chapter 18C reforms continue to attract pre-revenue MedTech and AI-driven biotechs.
50+ tracked therapeutic assets across modalities — from discovery to commercial stage. Explore our curated database of biotech assets spanning oncology, CNS, immunology, and rare diseases.
50+
Tracked Assets
8
Modalities Covered
4
Approved / Commercial
50+
Open for Licensing
Part of the Asset Database
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Therapeutic Area
Licensing / Notes
Disclaimer: This database is provided for informational purposes only and does not constitute investment advice or an offer or solicitation to purchase or sell any securities. All asset data is based on proprietary research by CHC. CHC Intelligence serves as the data and analytics platform of CHC Capital Partners.
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