7 Biggest Biotechnology and Pharmaceutical Mergers and Acquisitions to Watch in 2026

The healthcare and pharmaceutical industry is entering 2026 amid a dynamic M&A environment, reflecting strategic growth, technological integration, and international expansion. Building on significant activity in 2025, organizations are expected to pursue strategic acquisitions to diversify their portfolios, enhance operational efficiency, and strengthen market leadership. These deals span specialty services, diagnostics, generics, and therapeutics, underscoring the sector’s evolution toward patient-centric innovation. Let us examine the most influential M&A activities, expected to shape the 2026 landscape.

This section provides an in-depth overview of key biotechnology and pharmaceutical transactions anticipated in 2026, illustrating how strategic mergers and acquisitions are redefining industry dynamics.

Novartis Expands Rare Disease Portfolio with USD 12 Billion Acquisition of Avidity Biosciences

On October 26, 2025, Novartis announced that it has reached an agreement to acquire U.S.-based biotech company Avidity Biosciences in a deal valued at approximately USD 12 billion in cash. Under the terms of the transaction, Avidity shareholders will receive USD 72 per share, representing a 46% premium over the company’s closing share price on the previous Friday. The acquisition underscores Novartis’s strategic focus on rare muscle disorders, an area with significant unmet medical needs. To facilitate the deal, Avidity will spin off its early-stage precision cardiology programs into a new, publicly traded entity called Spinco, ensuring continued development of those assets.

This move is part of Novartis’s broader effort to counter the impact of its upcoming patent expirations for key blockbuster drugs, including Entresto (for heart failure), Xolair (for asthma), and Cosentyx (for autoimmune conditions). By acquiring Avidity, Novartis aims to broaden its rare disease pipeline and strengthen its leadership in innovative therapies for conditions with limited treatment options. The agreement is expected to close in 2026.

Novo Nordisk to Acquire Akero Therapeutics for USD 4.7 Billion

On October 9, 2025, Novo Nordisk revealed that it has entered a definitive agreement to acquire Akero Therapeutics, Inc. (Akero), a clinical stage company working to develop innovative treatments for metabolic diseases including MASH (metabolic dysfunction-associated steatohepatitis). The company is interested in Akero’s fibroblast growth factor 21 (FGF21) analogue efruxifermin (EFX), which is an emerging treatment for MASH. Novo is set to acquire Akero's outstanding shares at the price of USD 54 per share (which sums up to a gross value of USD 4.7 billion). In addition, upon approval of EFX, Akero shareholders will also receive a potential additional payment of 6 USD per share in cash (aggregated value of USD 500 million). The acquisition is expected to close in 2026 and is indicative of Novo Nordisk's intention to expand further into metabolic disease treatment, particularly MASH.

Alkermes Expands into Sleep Therapeutics via Avadel Acquisition

Alkermes plc has entered into a definitive agreement to acquire Avadel Pharmaceuticals plc for up to USD 20.00 per share in cash, valuing the transaction at approximately USD 2.1 billion. The acquisition includes Avadel’s FDA-approved Lumryz™ for the treatment of narcolepsy and accelerates Alkermes’ commercial entry into the sleep medicine market. Announced on October 22, 2025, the transaction is expected to close in the first quarter of 2026 and is projected to be immediately accretive, enhance revenue growth, and support the anticipated launch of Alixorexton.

BioCryst to Acquire Astria Therapeutics, Strengthening HAE Portfolio

In October 2025, BioCryst Pharmaceuticals, Inc. announced a definitive agreement to acquire Astria Therapeutics, Inc. for an implied enterprise value of approximately USD 700 million, combining cash and stock consideration. The acquisition, expected to close in the first quarter of 2026, will integrate Astria’s late-stage plasma kallikrein inhibitor, navenibart, which is in Phase 3 development for hereditary angioedema, alongside the early-stage atopic dermatitis asset STAR-0310. The transaction aims to expand BioCryst’s HAE portfolio, drive double-digit revenue growth, and leverage established commercialization infrastructure to improve patient access globally.

Hologic’s Transition to Private Ownership Enhances Women’s Health Innovation

Hologic, Inc. has entered into a definitive agreement to be acquired by Blackstone and TPG for up to USD 79 per share, including USD 76 per share in cash and a contingent value right of up to USD 3 per share. The transaction, announced in October 2025, represents a 46% premium to Hologic’s closing price before media reports and involves minority investments from ADIA and GIC. Expected to close in the first half of 2026, the acquisition will strengthen Hologic’s leadership in women’s health, accelerate global growth, and maintain its headquarters in Marlborough, Massachusetts.

The Doctors Company to Acquire ProAssurance Corporation to Strengthen Medical Liability Services

In March 2025, The Doctors Company, the largest physician-owned medical malpractice insurer in the United States, announced a definitive agreement to acquire ProAssurance Corporation for USD 25.00 per share in cash. The offer represents an approximately 60% premium to ProAssurance’s closing price on March 18, 2025, with a total transaction value of roughly USD 1.3 billion. The acquisition, expected to close in the first half of 2026, will create a combined company with assets of approximately USD 12 billion, enhancing medical professional liability, product liability, and workers’ compensation services. Completion is subject to regulatory approvals and stockholder consent.

HonorHealth Expands Integrated Care Network with Evernorth Acquisition

HonorHealth, a leading healthcare system serving over five million residents in the greater Phoenix metropolitan area, is set to acquire Evernorth Care Group locations across the Valley, significantly enhancing coordinated patient care. Evernorth, with a 50-year history of providing high-quality, integrated services to nearly 80,000 patients, will join HonorHealth’s network, expanding clinical expertise and service accessibility. Announced in September 2025, the acquisition is expected to close in January 2026, pending receipt of necessary legal and regulatory approvals. The transaction strengthens regional healthcare delivery while maintaining Evernorth’s legacy of affordable, patient-centered care.

As 2026 approaches, the biotechnology and pharmaceutical sectors are poised for transformative growth through strategic mergers and acquisitions. Key transactions, from Cardinal Health’s urology expansion and HonorHealth’s integrated care network growth to Hologic’s privatization, Alkermes’ entry into sleep therapeutics, and BioCryst’s portfolio enhancement, highlight the industry’s focus on innovation, market diversification, and patient-centric solutions. These deals are expected to strengthen operational capabilities, accelerate global reach, and reinforce leadership across specialty services, diagnostics, generics, and therapeutics, setting the stage for a dynamic and competitive year ahead.