安永：2026年全球生命科学行业并购市场报告：生命科学企业如何提速关键交易（英文版）（32页）.pdf

1、EY Firepower M&A report 2026Produced by EY InsightsHow can life sciences companies move faster on the deals that matter most?Contents Welcome .1Why the industry is picking up the dealmaking pace .2Interview with Nauman Shah,Johnson&Johnson .9How China is disrupting the M&A agenda .11Interview with Q

2、iang Li,DLA Piper .15How AI can transform deal execution .17Interview with Dr.Caroline Austin,AstraZeneca .22Why the industry should keep accelerating on deals in 2026 .24Methodology.27Authors and acknowledgements .291|How can life sciences companies move faster on the deals that matter most?Welcome

3、In 2025,life sciences M&A accelerated,with deal size doubling and overall spend overtaking 2024s total before the end of the third quarter.Industry dealmakers adapted to the new normal of geopolitical and regulatory disruption:new potential tariffs,onshoring pressures and pricing pushbacks did not d

4、eter acquirers.Companies competed for market-ready or late-stage assets in hot areas like CNS,Anti-obesity and Oncology,and were willing to pay big premiums for these targets.Meanwhile,alliance“biobucks”broke past records with over one-third going to China,the new hotbed of innovation.The industrys

5、aggressive pursuit of high-value deals is driven by fundamental structural considerations:IndustryleadersconfrontgrowthgapsofUS$370billionby2032andfaceskepticismfromtheStreetthattheycanoffset LOEs and hit their revenue projections.DealmakingisdemonstrablycriticaltogrowthandtheindustrynowholdsUS$2.1t

6、rillioninFirepower.Inaconstrainedfinancingenvironment,smallcompaniesare looking for partners and exits,with major opportunities across therapeutic areas,geographies and technologies.Thesehigh-opportunitytechnologiesincludeartificialintelligence.The industry invested record amounts into AI in2025,see