Capital, Competition and the Patent Cliff

Biopharma dealmaking is on track for a record year, driven by an estimated $180bn in drug revenues set to lose patent protection in 2027–28 and mounting pressure on big pharma to replenish pipelines. After a bruising period marked by tariff shocks, regulatory uncertainty and a biotech IPO drought, the weakest in more than a decade, capital markets are reopening, bidding wars are intensifying and premiums are climbing sharply. 

At the same time, policy shifts around drug pricing and a more permissive antitrust environment are reshaping the strategic calculus for acquirers and investors.

 Join Drew Armstrong, Patrick Temple-West and Oliver Barnes for a fast-paced preview of the Dealmakers’ Dialogue at the US Pharma & Biotech Summit on May 14 in New York, one of several high-impact conversations examining how the industry is navigating disruption, capital pressure and global competition. 

Is the IPO window truly open?

After the lowest biotech IPO levels since 2012 and a near standstill in early 2025, what has changed and how durable is the recovery?

The Patent Cliff Imperative.

With $180bn in revenues at risk from expiring blockbusters, how aggressively must big pharma transact and what happens if they don’t? 

Bidding Wars and Valuation Discipline

Multiple pharma groups are competing for the same biotech assets, often driving substantial premiums. Is this sustainable or a sign of strategic urgency?

Policy, Pricing and Antitrust

How have MFN-style pricing agreements and a more favourable regulatory environment influenced deal appetite and market confidence? 

US Pharma and Biotech Summit
May 14, 2026
New York & Online

The US Pharma and Biotech Summit convenes industry leaders, investors and policymakers to explore the forces shaping the future of life sciences, from drug pricing and regulation to innovation, investment and dealmaking.

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