What began as a series of demand letters in July 2025 has evolved into something significantly more consequential. By February 2026, sixteen of the seventeen largest pharmaceutical manufacturers have signed Most-Favored-Nation (MFN) pricing agreements with the Trump administration, which commit them to Medicaid price parity, MFN pricing on new product launches, and participation in TrumpRx.gov…
Welcome to Part 2 of our 2026 Life Sciences Industry Outlook series. Today, we are focusing on life sciences capital markets activity in 2025 and expectations for 2026. The life sciences equity capital markets in 2025 were defined by a stark “tale of two halves,” beginning with intense volatility that effectively shuttered deal activity. The…
Welcome to Part 1 of our 2026 Life Sciences Industry Outlook series. We are kicking off the week with a look at life sciences M&A activity in 2025 and what it may signal for 2026. M&A activity in 2025 accelerated sharply, marking one of the busiest years on record. Aggregate deal value and the number…
As the life sciences industry kicks off the new year and convenes at the JP Morgan Healthcare Conference this week, we are launching a weeklong Biotech Briefings series highlighting key insights from our 2026 Life Sciences Industry Outlook. Following a pivotal year in which deal activity accelerated and capital markets reopened selectively, the industry enters…
As public companies prepare their third quarter Form 10-Q filings, the rapidly shifting policy landscape has created new disclosure challenges for the life sciences sector. The recently announced pharmaceutical tariffs and ongoing government shutdown both carry potential financial and operational implications that warrant close attention. For biotech companies, these developments underscore the need for clear,…
Thirty days into the U.S. government shutdown, most federal agencies are operating with only “essential” personnel. The SEC and FTC are running with minimal staffing, authorized to take only limited actions. At the SEC, no registration statements have been declared effective since the shutdown began, and a backlog of more than 1,000 filings is expected…
