Syneos Health Survey Finds Biopharma Capital Still Active Despite Dealmaking Uncertainty

2026 Dealmakers' Intentions Survey Reveals How MFN Pricing, Tariffs and Capital Markets are Driving More Disciplined M&A and Partnering Strategies

MORRISVILLE, N.C., FEBRUARY 27, 2026 - Syneos Health^®, a leading fully integrated biopharmaceutical solutions organization, today released findings from its 2026 Dealmakers' Intentions Survey, revealing a biopharma dealmaking environment that is resilient but increasingly disciplined, with executives prioritizing selectivity, asset quality and strategic fit.

Based on responses from 150 senior biopharmaceutical decision-makers globally, the 16th annual survey shows that while overall transaction counts declined in 2025, total biopharma M&A deal value rose sharply, reflecting a growing concentration of capital in larger, later-stage and commercial-ready assets. Looking ahead, most respondents expect deal activity in 2026 to remain broadly in line with 2025, even as macroeconomic, regulatory and geopolitical uncertainty continue to shape decision-making.

"In today's environment, dealmakers are underwriting conviction with greater rigor, prioritizing assets that meet a higher bar for differentiation and durability," said Katya Maganova, Managing Director, Consulting, Syneos Health. "What we're seeing is a highly functional market where capital is still mobilizing, but only for assets that demonstrate clear differentiation, near-term value and strategic alignment."

Key findings from the 2026 Dealmakers' Intentions Survey include:

• Fewer deals, higher conviction: Respondents reviewed an average of 13 deal opportunities in 2025, down from 30 in 2024, but achieved materially higher conversion rates - reinforcing a shift toward disciplined, high-conviction dealmaking.
• Therapeutic priorities sharpening: Oncology and cardiovascular assets led buyer interest, while women's health, infectious disease (non-vaccine) and hepatic assets skewed more seller-driven.
• Genetic medicine dominates pipelines: 61% of respondents said genetic medicine is a cornerstone or active focus of their deal strategy, particularly in gene therapy, cancer vaccines and stem cell therapies.
• Policy considerations' growing influence: 52% of respondents said potential US MFN pricing was factored into recent deal valuations.
• Tariffs tilt dealmaking in US favor: More than 50% of respondents flagged that tariffs will slightly or significantly increase valuations of US assets.

Collectively, the findings depict a dealmaking market defined by discipline rather than retreat, where fewer transactions may occur, but those that do are larger, more strategic and more carefully structured.

Access the full 2026 Dealmakers' Intentions Survey report: https://www.syneoshealth.com/insights-hub/2026-dealmakers-intentions-survey.

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