Biopharma dealmaking accelerated in the first half of 2026, capping a record-breaking M&A run with June’s $25.7 billion haul. Through H1, deal value reached $170.11 billion, surpassing prior BioWorld records including 2025’s $139.35 billion. The data reinforces that large platforms—especially in diagnostics and tools—are absorbing transaction activity even as IPO pipelines remain slower. Deal velocity is also emerging as a driver of workforce restructurings, as acquirers consolidate product lines and capabilities post-close.