Women-led biotech M&A drops sharply in 2026, only two major deals recorded so far

Last year saw an unprecedented wave of women-led biotech transactions, with eleven high‑value deals out of 72 total biopharma mergers in 2025.

In 2026 the pace has slowed dramatically, with just two headline acquisitions so far: Merck bought Terns Pharmaceuticals, led by Amy Burroughs, for $6.86 billion, and Eli Lilly agreed to acquire The Vaccine Company, headed by Susan Silbermann, for up to $1.55 billion.

Those two deals are part of 73 announced transactions to date, leaving a full quarter of activity remaining. When reverse mergers are counted, the tally of women‑led deals rises to four, adding Synlogic under Mary Beth Dooley and Cyclerion Therapeutics under Regina Graul.

The sharp drop signals that the industry is unlikely to match the previous year’s momentum for women‑led M&A, highlighting a retreat in that particular diversity trend.