April–May 2026 Biopharma Deal Review: Multi-Billion-Dollar M&A Rebounds, $15.2B China Deal Leads Global BD Wave
From April to May 2026, global biopharma dealmaking rebounded, with major pharma focusing on de-risked assets and growing interest in platform technologies such as ADCs, TCEs, and multispecific antibodies. Meanwhile, Chinese biotech accelerated global expansion, oncology shifted toward “platform technology + multi-mechanism combinations,” and AI drug discovery moved closer to real-world industrial adoption.










