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Join Glenn Hunzinger, PwC’s US Health Industries Leader, and Roel Van den Akker, PwC’s US Pharma and Life Sciences Deals Leader, as they discuss the resurgence of dealmaking across the pharmaceutical and life sciences sector. They explore the forces driving increased M&A activity, including strong balance sheets, breakthrough scientific innovation, expanding interest in larger patient populations, and growing collaboration with China’s rapidly evolving biotech ecosystem. The conversation also examines how AI is influencing partnerships and drug development, and what dealmakers should prioritize as they navigate a dynamic market environment and position for growth in the second half of 2026.
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We’ve summarized the full discussion in a short Q&A format so you can get the highlights in minutes.
What is fueling deal activity despite continued uncertainty?
Q. Glenn Hunzinger
Companies are still navigating pricing pressure, policy uncertainty, and regulatory questions. Why are dealmakers accelerating rather than slowing down?
A. Roel van den Akker
The answer comes down to a combination of strong fundamentals and confidence in innovation. Companies have healthy balance sheets, CEOs remain focused on growth, and scientific breakthroughs continue to create compelling investment opportunities.
At the same time, large pharma organizations are under pressure to replenish pipelines and position themselves for long-term growth. That is driving continued investment through acquisitions, licensing agreements, and strategic partnerships despite a complex operating environment.
Where are buyers placing their bets?
Q. Glenn Hunzinge
Where are you seeing capital flow, and what types of assets are attracting the most interest?
A. Roel van den Akker
Oncology remains one of the most attractive areas for investment, but companies are increasingly expanding beyond traditional rare disease categories.
The success of GLP-1 therapies has reinforced the potential of investing in larger patient populations, prompting interest in areas such as vaccines, central nervous system disorders, sleep-related conditions, and addiction treatment.
The common thread is a continued focus on differentiated science with the potential to address significant unmet needs and create long-term value.
How is China's role in biopharma innovation evolving?
Q. Glenn Hunzinger
China continues to be a major topic in industry conversations. What are you seeing?
A. Roel van den Akker
China has evolved from a manufacturing hub into a significant source of innovation for the global biopharma industry.
What began as licensing activity has expanded into larger development partnerships that include substantial upfront investments and co-development arrangements between Western and Chinese companies.
As innovation continues to accelerate, China is becoming an increasingly important source of future therapies and deal activity across the industry.
How is AI influencing dealmaking and partnerships?
Q. Glenn Hunzinger
AI is transforming healthcare broadly. How is it influencing investment and deal activity?
A. Roel van den Akker
AI is already shaping how companies think about research and development, particularly in clinical development and commercialization.
While AI alone has not yet become a primary driver of large-scale M&A activity, it is fueling a growing number of partnerships, alliances, and licensing arrangements. Companies are actively seeking technologies that can accelerate development timelines, improve productivity, and enhance decision-making across the value chain.
As the technology matures, its influence on investment and partnership strategies is expected to grow significantly.
What gives you confidence in the market outlook?
Q. Glenn Hunzinger
Despite ongoing uncertainty, you remain optimistic about the remainder of the year. Why?
A. Roel van den Akker
CEOs remain focused on growth, M&A continues to be a strategic priority, and innovation is creating compelling investment opportunities across the sector.
There are also encouraging signs in the broader biotech market. Investor sentiment has improved, IPO activity is beginning to recover, and recent transactions are helping replenish capital across the ecosystem.
While economic and geopolitical uncertainty remains, the overall outlook for deal activity remains positive.
What should dealmakers focus on over the next six to twelve months?
Q. Glenn Hunzinger
As organizations evaluate growth opportunities, what should leaders be paying attention to?
A. Roel van den Akker
Organizations should continue to focus on innovation, strategic partnerships, and opportunities to strengthen future pipelines.
The most successful companies will be those that remain disciplined while moving decisively when compelling science emerges. Whether through acquisitions, licensing agreements, or development partnerships, companies are increasingly looking for ways to access innovation and create long-term value.
The market continues to reward organizations that are willing to invest behind strong science and clear strategic priorities.
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