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Metsera showed the biopharma world that M&A is back. Who could be next?

In 2025, landmark obesity drug deals, China’s biotech surge, and AI’s deeper integration into pharma operations drove a year of transformation and renewed momentum for life sciences.

Biotech’s slump may finally be over in 2026. In interviews with BioSpace, Zymeworks’ CEO Ken Galbraith and Zai Lab’s President and COO Josh Smiley explain what’s fueling the comeback.

Innovation drives speed in early phase drug development. ICON’s Accelerated Pharmaceutical Solutions integrate advanced formulation design, real-time dose flexibility, and cutting-edge CMC expertise to transform complexity into clarity. By uniting science, technology, and strategy, biotechs can move faster, smarter, and with confidence—turning obstacles into opportunities for breakthrough success.

Both Halozyme and Elektrofi have partnered with several Big Pharma companies to provide drug delivery technologies.

Drug candidates don’t usually move among Big Pharma, but these five biotechs helped facilitate such hand-offs, scooping up assets from one pharma on the cheap before being bought out for billions by another.