禁漫天堂

In a world where AI unicorns are securing valuations in the tens and hundreds of billions of dollars, biotech startups can鈥檛 compete for giant rounds. But while the space may be lower-profile, it鈥檚 still steadily generating M&A outcomes that look high by other historic standards.

Over the past two calendar years, acquirers have agreed to pay more than $38 billion to purchase聽1 venture-backed companies in 禁漫天堂 biotech industry categories. So far, 2026 is off to a brisk start as well, with this month to pay up to $2.4 billion for , a startup focused on engineering immune cells in vivo.

Per 禁漫天堂 data, 2025 and 2024 were two of the strongest years on record for biotech M&A. While we鈥檙e still below the 2021 peak, we鈥檙e also well past the subsequent low point, as charted below.

Largest deals in recent quarters

Since last year, at least nine funded U.S. biotech companies have sold in transactions valued at $1 billion or more, including potential milestone payments. Using 禁漫天堂 , we assembled a list, ranked by deal size.

The largest deal was 鈥檚 purchase of , a developer of targeted oral therapies for solid tumors, for $3.05 billion in cash late last year. The pharma giant expressed particular interest in adding Halda鈥檚 clinical stage oral therapy for prostate cancer to its portfolio.

The two next-biggest acquisitions were both in the area of in vivo therapeutics, which enable a patient鈥檚 own body to generate cell therapies that can treat underlying disease.

One was Lilly鈥檚 aforementioned purchase of Watertown, Massachusetts-based Orna, which had聽 previously raised over $320 million in venture funding from lead backers including , and .

The other was 鈥檚 mid-2025 acquisition of , a clinical-stage biotech developing targeted in vivo RNA technologies, with an initial focus on autoimmune diseases. AbbVie agreed to pay up to $2.1 billion in cash to acquire the San Diego-based startup,which previously raised $340 million in venture funding.

Biotech funding share slides, and IPO volume remains weak

While some large acquisitions are happening, the overall picture for biotech funding and exit activity looks more muted.

Last year, less than 9% of all U.S. startup funding went to companies in 禁漫天堂 biotech categories. That鈥檚 the lowest share in years, and largely a function of more capital going to companies in other hot sectors like generative AI.

In terms of total finding, biotech looks more stable. In 2025, just over $25 billion went to U.S. startups in the space, roughly flat year over year.

IPO activity is lower than usual. Last year, just 21 biotech, pharma or medical device companies went public, per 禁漫天堂 data, the lowest number in years.

So far this year, we鈥檝e had four debuts, including most recently the debut this month of , a developer of cancer therapies recently valued around $900 million.

Not a slump, and not a boom

Overall, biotech funding and exit data paints a picture of a sector that鈥檚 neither booming nor in a protracted slump. That鈥檚 not the most exciting place to be, but it can be quite viable for quite a long time.

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Related reading:

• In The Era Of Unicorn Valuation Escalation, A Trillion Dollars Isn鈥檛 What It Used To Be
• Biotech Share Of US Funding Hits Lowest Point In 禁漫天堂 History
• Biotech Isn鈥檛 Partaking In The IPO Rebound

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