Pharma and Biotech M&As 2026 Deal Watcher

The pharma and biotech M&A landscape in 2026 is off to a dynamic start. After a record‐setting 2025, where global pharma and biotech deal value topped approximately $240 billion, dealmaking enthusiasm is carrying into the new year. Companies are responding to patent expirations, pipeline gaps and broader investor confidence returning to the sector.

Pharma and Biotech M&A Transactions 2026

Lilly Acquires Orna Therapeutics for $2.4B to Advance Cell Therapies

Announcement Date: February 9, 2025

Details: Eli Lilly has announced it will acquire Orna Therapeutics for $2.4 billion in cash. The deal brings Orna’s novel in vivo CAR-T platform, which uses circular RNA and lipid nanoparticles to program a patient’s cells to produce therapy internally, into Lilly’s pipeline. The technology is early stage, but Orna already has “clinical-trial ready” assets, according to Lilly. Orna’s lead program is ORN-252, a CD19-targeting CAR-T therapy designed to treat B cell-driven autoimmune diseases. Lilly also said experimental data so far suggest that Orna’s circular RNA platform enables longer-lasting therapeutic protein expression, opening the door to treatments beyond the reach of current RNA and cell therapy technologies.

Worldwide Clinical Trials Purchases Catalyst to Scale Oncology and FSP Services

Announcement Date: January 20, 2026

Details: Worldwide Clinical Trials, a global contract research organization (CRO) backed by private equity firm Kohlberg, has agreed to acquire Catalyst Clinical Research, a specialized CRO known for its expertise in early-phase oncology trials and functional service provider (FSP) capabilities. Under the deal, which is expected to close in the first quarter of 2026, Catalyst’s leadership will join Worldwide’s board and executive team, while its Catalyst Oncology and Catalyst Flex offerings will be integrated into Worldwide’s service portfolio. The acquisition aims to bolster Worldwide’s oncology trial capabilities, expand its global footprint and enhance its ability to deliver full-service, FSP and hybrid resourcing models. 

Verana Health and COTA Merge to Build a Real-World Data Powerhouse in Oncology and Beyond

Announcement Date: January 12, 2026

Details: Hippocratic AI is strengthening its position in the life sciences sector through the acquisition of Grove AI and a series of strategic executive appointments. The deal enhances Hippocratic AI’s capabilities in deploying generative AI solutions tailored to healthcare and life sciences, expanding its reach across pharmaceutical, biotech and clinical research organizations. By integrating Grove AI’s technology and expertise, the company aims to accelerate the development and adoption of safe, clinically grounded AI agents designed to support patient engagement, medical affairs and other healthcare functions.

Verana Health and COTA Merge to Build a Real-World Data Powerhouse in Oncology and Beyond

Announcement Date: January 8, 2026

Details: Verana Health is merging with COTA, Inc., combining their real-world data (RWD) and AI-enabled technology capabilities to create a significantly expanded RWD provider for clinical research across multiple therapeutic areas. Verana said the combined company will now offer deeper, research-ready insights to life sciences organizations, including access to data from over 95 million patients and more than 20,000 clinicians, along with strengthening its service relationships with top global biopharma firms. COTA’s oncology-focused datasets complement Verana’s existing offerings in ophthalmology, urology and neurology. The merger includes an additional $52 million in equity investment and positions the new entity as a leading partner for accelerating evidence generation and improving patient care across specialties.