Analysts spot several biotech firms as likely M&A targets amid rising pharma deal activity

Pharma companies are actively looking for acquisition opportunities, and analysts have identified a handful of biotech firms that could be next in line for buyouts.

Recent transactions have centered on assets in MASH, rare disease, immunology, oncology, CNS and psychedelics, with deals involving Beam Therapeutics, Immunocore and Eli Lilly's purchase of AtaiBeckley serving as recent examples.

BioSpace highlights candidates such as Alkermes, known for sleep‑disorder programs, and CAR‑T pioneer Legend Biotech, among others that are attracting attention across multiple therapeutic areas.

The overall trend points to continued M&A activity as large pharma firms deploy cash to offset upcoming patent expiries and expand their pipelines.