A surge in March dealmaking underlined expectations for 2026’s merger cycle, with analysts tracking seven transactions worth more than $1 billion in a 12-day period. The reported headline value for the flurry reached $29 billion and coincided with a reported 64% increase in the XBI over the past year. Jefferies noted that the breadth of Big Pharma appetite includes multiple $5 billion-plus deals and smaller tuck-ins in the $1 billion to $2 billion range. The report also points to an uptick in deal volume versus all of 2025, implying more options for strategic acquirers and for biotech investors seeking exits. Notable examples cited include Merck’s acquisition of Terns Pharmaceuticals, Lilly’s buyout of Centessa Pharmaceuticals, and Biogen’s deal for Apellis Pharmaceuticals, alongside other large transactions across oncology and immunology assets.