Big pharma holds $188 bn for M&A, J&J seen as most likely buyer, analysis shows

The latest Leerink Partners analysis finds that the largest pharmaceutical companies collectively have about $188 billion in cash available for mergers and acquisitions. All but one of the firms surveyed indicated a willingness to pursue deals.

Johnson & Johnson tops the list with roughly $21 billion in cash on hand, making it the most likely candidate to initiate a purchase when market‑cap and executive comments are considered.

Behind J&J, BioNTech, Amgen and Roche also rank among the firms with the deepest cash balances, according to the report.

Leerink expects robust M&A activity to continue over the next year as large‑cap biopharma companies deploy their financial firepower.