M&A drove a rebound in biotech market performance heading into Q2, with Eli Lilly’s acquisition of Centessa Pharma and Biogen’s purchase of Apellis Pharma cited as key deal catalysts. The stock index XBI surged on the last day of the quarter, supported by easing Iran-war concerns in addition to deal activity. Industry watchers also pointed to a mixed backdrop: investors are rewarding takeovers at a time when FDA approvals have been less supportive on a year-over-year basis. The episode reinforced how transaction flow can buoy sentiment even when pipeline turnover is slowing. For biotech leadership teams, the signal is clear: consolidation and platform acquisitions are becoming an increasingly dominant “capital event” that can drive strategic repositioning faster than organic pipeline progress.