Biopharma deal activity surged as March closed with a flurry of large transactions, according to Jefferies’ M&A scorecard coverage. The report said biopharma companies completed seven deals of more than $1 billion in the final 12 days of the month, totaling $29 billion in headline value. Analysts attributed the strength to broad Big Pharma appetite, including several $5 billion-plus acquisitions, and noted a 64% increase in the XBI biotech stock index over the past year. Jefferies tracked 14 deals of at least $500 million across Q1 versus 32 for all of 2025. The coverage pointed to blockbuster buyouts involving Merck, Eli Lilly, Biogen and others, signaling that investors are again underwriting premium valuation risk for pipeline access and late-stage assets as 2026 funding markets reopen.