State of the Landscape: Pharma, Biotech & Life Sciences in the first half of 2026

In this update, we explore the European Pharma, Biotech and Life Sciences funding landscape in the first half of 2026. 

H1 combined record seed activity with a landmark AI-driven biotech round and strong strategic alliance activity. Oncology remained the leading therapeutic area, while CNS and immunology also attracted significant interest. 

We also examine two companies that illustrate how investors are backing both well-capitalised clinical-stage businesses and promising academic spin-outs.