Pharma dealmaking accelerated in early 2026, with companies completing more transactions and reporting higher upfront values than in the same period last year, according to a compiled M&A tracker. The surge includes large acquisitions such as Gilead’s acquisition of Arcellx for full control of its investigational multiple myeloma cell therapy and Merck’s purchase of Terns Pharmaceuticals. The article ties the uptick to pipeline urgency and a patent-cliff backdrop, while noting that large “megamergers” have not yet materialized. It also points to specific portfolio strategies, including investments driven by cash generation and efforts to rebuild oncology and other high-value franchises. For the biotech ecosystem, the acceleration increases competition for targets and can reshape timelines for clinical-stage assets as acquirers move to lock up platform and asset optionality.