China Healthcare: Table of the Week – Global Biopharma M&A Activity in 1H2026

Research evidence excerpt

China Healthcare: Table of the Week – Global Biopharma M&A Activity in 1H2026

Update

June 26, 2026 04:02 PM GMT

Morgan Stanley Asia Limited+MChina Healthcare | Asia Pacific Laurence Tam

Equity Analyst

Table of the Week – Global Laurence.Tam@morganstanley.comMarco Wong +852 2239-1753

Research Associate

Marco.Wong@morganstanley.com +852 3963-2021

Biopharma M&A Activity in

1H2026

Key Takeaways China Healthcare

Asia Pacific

In its bulletin, China's leading CDMO – WuXi AppTec – noted robust global M&A Industry View Attractive

activity. It is a technology enabler of new modalities in biopharma.

Rising M&A activity in clinical-stage assets reflects rising optimism among

biopharma/MNCs abut enhancing pipeline breadth, motivated by impending

LOEs.

In 1H2026, the disclosed aggregate global biopharma M&A transaction value

exceeded US$130bn, already surpassing the full-year 2025 total.

At least 34 transactions were valued at over US$1.0bn, with immunology &

inflammation, oncology, and breakthrough technologies as the key themes.

Complex small molecules, in/ex vivo CAR-T, mAb/BsAb, and ADCs remained the

most popular modalities.

Acquired companies came with validated technologies, well-defined indications/

patient populations, and solid clinical data, rather than murky concepts. The bar for

deal screening is rising, in our view, given how China's CDMOs are making early-

stage companies much more competitive.

Immunology & inflammation was one of the most popular M&A themes in 1H26,

with acquirers seeking long-acting, precision-targeted and deeper immune-

modulating assets to differentiate from incumbent standards of care.

Oncology remained the largest deal pool, with eight sizable transactions totaling

~US$43.4bn, spanning small molecules, ADCs, and cell therapies.