JPM26: Dealmaking optimism at JPM 2026 despite absence of mega-M&As

The J.P. Morgan Healthcare Conference held in San Francisco, California from 12 January to 15 January 2026 saw a key investment theme centred on driving value through internal pipeline prioritisation and billion-dollar licensing agreements, rather than the typically expected large biopharmaceutical mergers and acquisitions (M&A) announcements. Lower interest rates and Trump-era deregulation drove momentum in large biopharmaceutical M&As in 2025, with reduced uncertainty around the impact of Trump’s tarif ...