The pharmaceutical industry stands at a critical juncture in 2026. For years, the M&A playbook focused on blockbuster assets and R&D gap-filling. Yet high interest rates, valuation gaps, and geopolitical shifts have rendered that approach insufficient.
An analysis of Q1 2026 reveals a clear divergence: traditional M&A is cooling, while secondary market block and bulk deals surge. This signals a shift toward capital efficiency and agility.
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