Biotalk

During the Asia-focused Episode 37 of Biotalk, Geoff Meyerson, CEO of Locust Walk, reviews key trends from the 2026 Q2 Report: Global Trends in Biopharma Transactions, across China, Japan, and Korea.

China: Drove ~60% of first-half global licensing value, with the average deal nearing $3B and anchored by the $15B+ Bristol Myers Squibb–Hengrui collaboration. Venture financing posted a second straight billion-dollar-plus quarter ($1.2B) at a three-year high in deal volume.

Japan: The Nikkei hit fresh all-time highs, but biotech lagged and the IPO window paused with no offerings. Venture financing fell sharply, though GNI Group’s ~$278M acquisition of Ayumi Pharmaceutical provided a bright spot.

Korea: The KOSPI soared on the semiconductor cycle while biotech stayed flat. Venture financing eased to $88M across six early-stage deals, but Korea anchored a rebound in rest-of-world licensing to ~$6.1B across seven transactions.

Regional Takeaway: 2026 Q2 underscored Asia-Pacific’s rising centrality: China’s record out-licensing drove global deal value, Japan’s markets hit highs even as biotech lagged, and Korea kept building as an innovation hub.

Listen to the full episode, explore the complete 2026 Q2 report, and reach out to discuss what these trends mean for your strategy. 

During Episode 36 of Biotalk, Geoff Meyerson, CEO of Locust Walk, unpacks our 2026 Q2 Report: Global Trends in Biopharma Transactions, covering capital markets, strategic deals, and regional trends. 

Market Overview: 2026 Q2 confirmed that 2025’s momentum was durable: strategic activity stayed exceptionally strong, public markets kept reopening, and Europe’s venture market rebounded sharply. China cemented its lead in global licensing while the U.S. dominated M&A and public markets.

Strategic Transactions: Licensing held near record levels at ~$72B across 43 deals, with average deal size reaching a record ~$1.7B as pharma concentrated capital on fewer, earlier-stage assets. China drove ~60% of first-half value, anchored by the $15B+ Bristol Myers Squibb–Hengrui collaboration, even as upfronts fell to just ~5% of deal value.

M&A hit a record ~$80B across 34 transactions, up 222% year-over-year, with U.S. sellers accounting for ~93% of value and oncology leading at ~40%.

Capital Markets: U.S. markets kept reopening: seven IPOs raised ~$3.1B (a five-year high), venture reached ~$4.5B, and layoffs fell to a three-year low. Europe’s venture market rebounded more than fivefold to ~$3.3B, led by Isomorphic Labs’ $2.1B Series B.

Outlook: Dealmaking is strong and markets are opening, but structures will keep favoring milestone-heavy economics. China’s licensing dominance and U.S. leadership in M&A and financings will shape strategy through the rest of 2026.

During the Asia-focused Episode 35 of Biotalk, Geoff Meyerson, CEO of Locust Walk, reviews key 2026 Q1 Report: Global Trends in Biopharma Transactions trends across China, Japan, and Korea. 

China: Dominated global licensing with 66% of deal value -up from 48% in full-year 2025 -anchored by CSPC–AstraZeneca ($18.5B) and Innovent–Lilly ($8.5B). Venture financing surged to a three-year high of $1.2B across 17 deals, led by Corxel Pharmaceuticals’ $287M oral GLP-1 Series D. Out-licensing remains the dominant business model, now structural and increasingly central to global biopharma dealmaking. 

Japan: Biotech stocks outperformed pharma (+10% vs. +8%), and the IPO market reopened after 18 months with Innovacell and J-Pharma raising $112M combined. Japan-based buyers licensed three programs averaging $1.2B in deal value, with 100% from early-stage programs -reflecting growing appetite for pipeline diversification. 

Korea: The KOSPI rose 17%, though biotech stocks fell 14%. Venture financing rebounded to $125M across six deals, up from just $18M in Q4 2025, concentrated in early-stage oncology. Korean sellers drove the majority of licensing activity from non-major markets with two early-stage transactions averaging $405M. 

Regional Takeaway: Q1 2026 confirmed Asia-Pacific’s rising centrality in global biopharma. China’s record out-licensing drove global deal value, Japan reopened its public markets, and Korea showed early signs of a cautious recovery. 

Listen now to gain insights into the evolving global biopharma landscape, explore our report, and we welcome the opportunity to discuss its contents with you.  

During Episode 34 of Biotalk, Geoff Meyerson, CEO of Locust Walk, unpacks our 2026 Q1 Report: Global Trends in Biopharma Transactions, covering capital markets, strategic deals, and regional trends.  

Market Overview: Q1 2026 was defined by continuity rather than reversal. Licensing tied a three-year high, M&A recorded its strongest first quarter ever, and U.S. capital markets reopened meaningfully with the return of biotech IPOs. China’s dominance in global licensing expanded further, while Europe and the UK remained challenged. 

Strategic Transactions: Global licensing reached approximately $87B across 57 transactions, with greater than 90% of deal value concentrated in early-stage programs. China-based sellers drove 66% of global licensing value -up from 48% in full-year 2025 -with average deal values rising to ~$1.9B and upfront payments more than doubling sequentially to ~$179M. 

M&A delivered the strongest Q1 on record at ~$50B, a 58% year-over-year increase. U.S.-based sellers accounted for 95% of deal value, with Phase 2 assets emerging as the leading contributor at 38% and oncology rebounding to 42% of deal value. 

Capital Markets: Six U.S. biotech IPOs raised ~$1.8B -exceeding the full-year 2025 total. Venture financing surged 44% quarter-over-quarter to $5B, and reductions in force hit a three-year low of 34. In contrast, European venture financing fell 63% to $613M, with capital concentrated in a handful of late-stage financings. 

Outlook: Strategic dealmaking remains strong, and capital markets are increasingly open, but deal structures will continue to favor milestone-heavy economics. China’s structural role in global licensing and venture financing will shape partnership and exit strategies across the remaining quarters of 2026. 

During the Asia-focused Episode 33 of Biotalk, Geoff Meyerson, CEO of Locust Walk, reviews key 2025 Year-In-Review trends across China, Japan, and Korea.

China: Led global licensing (~48% share) with larger average deal sizes than the U.S. Public markets outperformed and Q4 IPO activity rebounded. Venture financing held steady, with out-licensing cemented as the dominant business model alongside more creative deal structures and cross-border activity.

Japan: The Nikkei hit record highs and biotech momentum improved. Licensing rose to 13 deals across all development stages. Venture financing doubled, skewing early-stage, with strength in GI and renewed interest in cell therapy.

Korea: Broader markets reached record highs, but biotech lagged. Venture financing rose meaningfully (40% volume, 60% value), focused on mid- to late-stage assets, especially oncology and protein degradation.

Regional Takeaway: 2025 marked a turning point for Asia-Pacific biotech: China drove deal value and listings, Japan revitalized early-stage innovation, and Korea showed a cautious rebound as capital markets continued to thaw.

Listen now to gain insights into the evolving global biopharma landscape, explore our report, and we welcome the opportunity to discuss its contents with you. 

During Episode 32 of Biotalk, Geoff Meyerson, CEO of Locust Walk, unpacks our 2025 Year-In-Review Report: Global Trends in Biopharma Transactions, covering capital markets, strategic deals, and regional trends. 

Market Overview: 2025 marked a clear recovery year for biopharma. Licensing reached record levels, global M&A nearly doubled in value, and capital markets strengthened in the second half as stabilizing rates lifted sentiment. Most notably, China surpassed the U.S. as the leading source of global licensing value.

Strategic Transactions: Global licensing totaled roughly $230B across 179 deals, with strength in both early- and late-stage assets. Discovery and preclinical programs made up about 61% of deals, while a late-year rise in Phase 3 transactions pushed average deal sizes to three-year highs. China-based sellers accounted for nearly 50% of global licensing value with larger average deal sizes, while the U.S. led in volume. Absolute upfronts rose about 55% versus 2024.

M&A rebounded to approximately $141B across 79 deals, increasingly focused on late-stage and approved assets. Major transactions including Novartis/Avidity, Pfizer/Metsera, and Merck/Cidara drove average deal sizes to multi-year highs.

Capital Markets: U.S. public markets outperformed the broader market despite a largely closed IPO window. PIPEs and follow-ons surged, pushing public financings to a three-year high of about $16B, and the number of companies trading below cash fell nearly 60%. In Europe, financing value rose roughly 35% on strong Q4 activity, with investors favoring Phase 1 and Phase 2 programs.

Outlook: A selective recovery is underway. Strategic dealmaking remains strong, capital markets are thawing, and high quality assets continue to attract capital, while APAC, especially China and Japan, plays an increasingly central role in global biopharma transactions.

During Episode 31 of Biotalk, Geoff Meyerson, CEO of Locust Walk, explores Asia-Pacific biotech momentum across China, Japan, and Korea, as featured in our 2025 Q3 Report: Global Trends in Biopharma Transactions Report.

China: Led globally in licensing ($34.2B, 48% share), with venture financing up nearly 4x. Investor confidence rose alongside strong public market gains and creative deal structures.

Japan: Shifted toward early-stage, non-core areas like dermatology and metabolic disease. Licensing values fell, but venture funding spiked 300% as the Nikkei hit record highs.

Korea: Normalized after Q2 strength; modest licensing and market gains amid continued caution.

Regional Takeaway: Asia-Pacific remains a bright spot—China driving deal value, Japan diversifying early innovation, and Korea stabilizing. The region reflects a measured but sustained re-engagement in biotech capital and partnerships.

Listen now to gain insights into the evolving global biopharma landscape, explore our report, and we welcome the opportunity to discuss its contents with you. 

During Episode 30 of Biotalk, Geoff Meyerson, CEO of Locust Walk, unpacks our 2025 Q3 Report: Global Trends in Biopharma Transactions Report, covering capital markets, strategic deals, and regional trends. 

Market Overview: Q3 signaled a cautious biotech recovery. Valuations rebounded, the XBI topped 100 for the first time since 2022, and the number of companies trading below cash hit multi-year lows. Investor sentiment shifted from survival to selective growth amid improving macro stability and risk tolerance.

Strategic Transactions: Licensing held steady with renewed interest in early-stage programs and back-loaded structures (upfronts <5%). Non-oncology deal value hit a four-year high, while M&A surged 64%, driven by late-stage assets—highlighted by Pfizer’s $4.9B Metsera and Merck’s $10B Verona Pharma acquisitions.

Capital Markets: Financing activity rose ~40% from Q2 as the IPO window reopened and follow-ons jumped 81%. The XBI and NBI rallied, signaling renewed investor confidence. Europe saw more deals but smaller rounds, underscoring ongoing selectivity.

Outlook: A selective recovery is underway. Strategic dealmaking and M&A remain strong, capital markets are thawing, and quality assets continue to attract capital. Biotechs should stay agile and ready for partnerships or non-dilutive funding.

During the Asia-focused Episode 29 of Biotalk, Geoff shares insights into key trends and developments shaping the biotech landscapes in Japan, China, Korea, Australia, and the broader Asia-Pacific region, as featured in our 2025 Q2 Report: Global Trends in Biopharma Transactions Report.

Japan’s biotech stocks outperformed broader indices, boosted by regulatory reforms and Shionogi’s $1.1B acquisition of Japan Tobacco’s pharma units. Licensing slowed, while early-stage financings focused on preclinical firms.

China’s biotech market surged with four HKEX IPOs raising $1.5B. Venture funding fell as risk aversion grew, but strategic licensing stayed strong at $24.4B, shifting toward later-stage oncology and obesity deals.

Korea’s biotech index dipped but showed 12-month gains, driven by ABL Bio’s $2.8B licensing deal with GSK and key Series B financings.

Listen now to gain insights into the evolving global biopharma landscape, explore our report, and we welcome the opportunity to discuss its contents with you. 

During Episode 28 of Biotalk, Geoff Meyerson, CEO of Locust Walk, unpacks our 2025 Q2 Report: Global Trends in Biopharma Transactions Report, covering capital markets, strategic deals, and regional trends. 

Market Overview: Biotech remained under pressure in Q2, with valuations still below historical norms. Ongoing macro headwinds—tariffs, high rates, and FDA turnover—kept investor sentiment cautious and risk appetite low.

M&A & Licensing: Licensing rose 20% in value, focused on late-stage immunology assets. China and Europe drove activity, while U.S. firms dominated M&A, accounting for 80% of deal value. Public takeout premiums rebounded sharply.

Capital Markets: U.S. biotech funding fell 28% with no IPOs—the first blank quarter since 2020. Venture also dropped 32%, though a few large late-stage rounds stood out. Europe saw fewer deals but larger average round sizes.

Outlook: Strategic deals remain a vital funding source as capital markets stay tight. Biotechs should extend runway and explore partnerships, with pharma interest in quality assets showing no signs of slowing.

Listen now to gain insights into the evolving biopharma landscape, explore our report, and we welcome the opportunity to discuss its contents with you.