In the first six months of 2026, acquirers announced 13 qualifying acquisitions of public biopharma targets worth $66.6 billion in upfront consideration. This survey examines that period and the surge within it: what is driving it, how the deals are structured, and what it means for the parties negotiating the next one. Focusing on the…
Contingent value rights have become a defining feature of biopharma M&A, appearing in under 10% of mid-cap public-target deals before 2019 but a quarter to a third of them in every year since 2023. They let a buyer pay less cash at signing while preserving upside for selling stockholders on a binary clinical, regulatory, or…
