• Over past two years, biotech M&A exceeded $38B, surpassing many historic tech exits. • 2026 kickoff: Eli Lilly to pay up to $2.4B for Orna Therapeutics, boosting in‑vivo cell therapy. • 2025 and 2024 were record‑setting, topping 2021 peak and surpassing post‑2021 lows. • Nine U.S. funded biotech firms sold for $1B+ deals, including milestone payments. • J&J’s $3.05B cash purchase of Halda Therapeutics added oral prostate cancer therapy to portfolio. • AbbVie’s acquisition of Capstan Therapeutics focused on in‑vivo RNA tech for autoimmune diseases.
Article Summaries:
- Biotech M&A remains a steady, though modest, exit route amid a funding landscape dominated by AI. Over the past two years, acquirers have paid more than $38 billion for 38 venture-backed biotech firms, with 2026 already seeing a $2.4 billion purchase of Orna Therapeutics by Eli Lilly. The largest recent deal was Johnson & Johnson’s $3.05 billion acquisition of Halda Therapeutics. While biotech funding now accounts for less than 9 % of U.S. startup capital-its lowest share in years-total investment stayed flat at about $25 billion in 2025. IPO activity remains weak, with only 21 companies going public last year. Overall, the sector is neither booming nor in a slump, but continues to offer viable exits.
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