不再迷惘的制药商：2025年并购额暴涨124%，巨头狂扫创新药资产

Core Insights - The pharmaceutical industry is experiencing a significant shift in sentiment as executives prepare for the upcoming J.P. Morgan Healthcare Conference, with a more relaxed attitude compared to 2025 [1] - Concerns regarding drug pricing policies and tariffs that could erode profits have largely dissipated, leading to a notable reduction in industry anxiety [1][3] - Biopharmaceutical transactions have more than doubled over the past year, with expectations for continued growth in 2026 [1][3] Group 1 - The J.P. Morgan Healthcare Conference serves as a key networking and deal-making event for thousands of biopharmaceutical executives and investors [3] - A recent agreement with the White House aimed at lowering drug prices has positively influenced market sentiment, as companies have not significantly adjusted their financial outlooks [3] - In 2025, pharmaceutical companies completed $130 billion in transactions, a 124% increase from the previous year, with approximately 30 deals exceeding $1 billion [3] Group 2 - Major pharmaceutical companies like Merck, Pfizer, and Bristol-Myers Squibb are under pressure to replenish their product pipelines as blockbuster drug patents expire in the next five years, threatening over $300 billion in sales [6] - The rising stock prices have emboldened CEOs to pursue mergers and acquisitions, leading to competitive bidding wars for biotech firms developing potential blockbuster drugs [6][7] - Mid-sized companies are also actively acquiring early-stage biotech firms, indicating a shift in strategy as they seek growth opportunities [7] Group 3 - Despite the optimism, rising valuations may deter potential buyers from pursuing acquisitions [7] - Political uncertainties remain, particularly with the Trump administration's influence on the FDA and its unpredictable leadership changes [8] - The FDA has recently rejected several rare disease drug applications, causing frustration among investors and advocacy groups, which may lead to a more cautious approach to major mergers [8]