Biopharma M&A activity surged in March 2026, with big pharma buyers completing seven transactions worth more than $1 billion each across a 12-day stretch, according to deal tracking summarized in the report. The rebound is being interpreted by market watchers as a signal that 2026 could bring sustained deal momentum rather than a one-off spike. The surge included a series of large, headline transactions: Merck agreed to acquire Terns Pharmaceuticals for $6.7 billion, Eli Lilly moved to buy Centessa Pharmaceuticals in a $6.3 billion deal, and Biogen announced a $5.6 billion acquisition of Apellis. Jefferies also tracked 14 deals of at least $500 million in Q1, versus 32 across all of 2025, suggesting a higher bar for deal sizes. Gilead, Otsuka, Novartis, and others also participated in the late-month flurry, underlining Big Pharma’s push to refresh pipelines. The report frames the renewed appetite as potentially supporting secondary offerings and IPOs, as acquirers return capital and validate asset classes for investors.