Q1 2026 Biopharma Market Update

Stifel

Tim Opler

Research

130 Pages

Stifel reviews the biopharma market across geopolitics, macro conditions, capital markets, M&A, licensing, and industry trends. The update shows a selective but active market, with strong follow on issuance, record annualized $1 billion plus M&A activity, and rising premiums for late stage high quality assets.

Key Takeaways

Follow Ons Strong: Biotech follow on issuance reached $15 billion in Q1 2026, tracking as the third most active year historically.
M&A Activity Surges: Stifel says $1 billion plus biopharma M&A deal count is tracking at a record annualized pace in 2026.
Early Deals Rise: Pre POC biotech reached 17% of 2026 M&A dollars, up from 5% in 2025 as buyers seek pipeline assets.
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