Biotech M&A Market Reopens as Large-Cap Pharma Buyers Make Up for Lost Time

Emily Field, Head of U.S. Biopharma Equity Research at Barclays, believes that the biotech M&A market has reopened after a long freeze.

The market had been on pause due to concerns about broader policy and drug pricing during the Trump administration, as well as the dominance of GLP-1 stories.

However, with the capital markets now open for many biotech companies, Field sees large-cap pharma buyers committing to more deals.

She points to recent data from Moderna and Merck's co-developed intismeran autogene personalized mRNA cancer vaccine as a catalyst behind the renewed interest in M&A.