The biopharma dealmaking landscape and what to expect in 2026

In this episode of The Top Line, host Ayla Ellison introduces a discussion on the biopharma industry's deal-making landscape. Kevin Dunleavy interviews Arda Ural, EY America's Life Sciences sector leader, about the fluctuations in M&A, venture financing, and licensing deals, particularly in light of COVID-19, economic uncertainties, and regulatory changes. Ural explains the shift towards larger, later-stage deals in neurology, weight loss, and immunology, and the impact of factors like tariffs, Fed policies, and the Inflation Reduction Act on valuations. The conversation further explores the influence of potential NIH funding cuts, the rise of China as an innovation hub, and the increasing role of AI in biopharma, providing an outlook on M&A trends and investment opportunities in 2026.