Mid-Cap Drugmakers Drive M&A Activity in Record-Breaking Deal Year
Daily Biopharma Digest — May 15, 2026
Hundreds of biotech executives are lobbying for Rick Pazdur — founder of the FDA’s Oncology Center of Excellence from 2017 until his retirement at the end of December 2025 — to succeed Marty Makary, who resigned May 12, 2026; Kyle Diamantas is acting commissioner. Bristol Myers Squibb’s up-to-$15.2B collaboration with China’s Hengrui Pharma, announced May 12, 2026 across 13 oncology, hematology, and immunology programs, anchors its pipeline-replenishment strategy.
WHO reported 11 cases and 3 deaths in the MV Hondius hantavirus cluster (9 confirmed Andes virus, 2 probable) on May 12, 2026. At ECO 2026, an indirect comparison favored Novo Nordisk’s oral Wegovy (oral semaglutide 25 mg) over Eli Lilly’s Foundayo (orforglipron) in weight management. Sun Pharma’s $11.75B Organon acquisition (announced April 27, 2026) underscores India’s global ambitions despite a persistent China innovation gap.
What to Watch
- FDA Commissioner Nomination — The Pazdur campaign could signal whether the administration prioritizes industry-aligned regulatory expertise or pursues a different leadership profile for the agency.
- Mid-Cap M&A Competition — With mid-tier players now actively bidding, expect increased valuations for clinical-stage assets and potentially more creative deal structures to win competitive processes.
- Hantavirus Response — WHO’s emergency convening suggests potential for broader public health measures; monitor whether this affects clinical trial timelines or resource allocation.
- China-West Partnerships — The Bristol Myers-Hengrui deal may open the floodgates for similar collaborations as Western pharma seeks innovation access and Chinese companies gain global validation.
