Why did PwC say biopharma M&A reached full health in 2026?

PwC reported that pharmaceutical and life sciences M&A totaled $65 billion in Q1 2026—the strongest since 2020—driven by large pharma firms offsetting $300 billion in looming revenue losses. Renewed investor focus on differentiated science and next‑gen modalities like RNA and gene editing signaled a robust return of dealmaking momentum.