Biotech's Resurgence: How a Year-End Rally and M&A Frenzy Set the Stage for 2026

Late 2025 saw a deal-making frenzy with Big Pharma deploying cash reserves, spurred by looming patent cliffs and favorable macroeconomic conditions. Novartis acquired Avidity Biosciences for $12 billion, and Pfizer acquired Metsera for $10 billion, re-entering the weight-loss market.