Biotechs entering the ranks of billion-plus buyers

Beyond the much-discussed pharma patent cliff, another trend is reshaping biotech M&A: a growing cohort of mid- and large-cap biotechs is turning to acquisitions to fuel growth. Argenx became the latest entrant Monday, proposing to acquire Forte Biosciences for $2.2 billion.

Billion-dollar dealmaking has accelerated, driving the sector’s performance this year. Through July 27, companies had disclosed at least 36 acquisitions worth $1 billion or more, already exceeding the 35 announced in all of 2025. ...