Biopharma deal value hit a record first half as megadeals pushed total M&A proceeds to $170.11 billion through June 2026, according to BioWorld’s records. The haul surpassed prior yearly highs, with May and June delivering especially strong momentum. Alongside dealmaking, the IPO calendar also warmed: Parabilis priced the highest biopharma IPO on record at $670 million, while broader financing activity through the first half reached $60.14 billion—the strongest H1 since 2024. Investors and companies are now positioning transactions around clearer clinical differentiation and monetization paths, rather than pure platform potential.