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In a deal environment defined by discipline and external pressure, how are biopharma leaders positioning for growth?

The 2026 Dealmakers’ Intentions Survey from Syneos Health captures insights from 150 senior decision-makers globally. While total deal volume declined in 2025, M&A value surged—signaling concentrated investment in larger, later-stage and marketed assets. In 2026, respondents expect similar deal flow, modestly improved private financing and continued IPO constraints.

Demand is shifting toward de-risked, revenue-generating assets, particularly in oncology and cardiovascular. At the same time, US most favored nation pricing, tariffs and national security considerations are reshaping valuation and structuring decisions.

The message is clear: this is a functioning but increasingly strategic market. Success will depend on differentiated assets, disciplined execution and alignment with evolving policy and capital realities.

Explore the full report to understand where buyers and sellers see opportunity—and how to position your portfolio for 2026.