Can M&A momentum carry biotech through year-end?

A historic run of M&A drove biotech’s outperformance in the first half of the year, with most investors expecting dealmaking to continue to support the sector through 3Q26. 

Heading into the summer months, biotech’s public markets are in a good place. Financings are being upsized and showing good postmarket performance. Many of the sector-specific concerns from a year ago — tariffs, drug pricing and unpredictable decision-making at FDA — are no longer keeping investors up at night...