State of the Landscape: Pharma, Biotech and Life Sciences in Q3 2026

In this update, we explore the investment landscape across pharma, biotech and life sciences in Q3 2026.

The quarter saw 211 deals worth a total of $36.5B. That’s fewer deals than Q2 but more value ($29.3B). Licensing and partnership deals again made up most of the value: 78 deals worth a total of $23.8B. Of this, $12.5B was for drugs licensed from companies in China, South Korea or Japan.

We also put the spotlight on two companies that raised funding, both of which are indicative of market trends.