In this week’s edition of InnovationRx, we look at biotech M&A, the rise of India’s Anthem Biosciences, and more. To get it in your inbox, subscribe here.

Healthcare M&A is surging. The pharma industry saw $65 billion in deals for the first quarter of 2026, the highest figure since 2020, with 16 of them for $1 billion or more, according to new data from accounting giant PwC.

One big reason for all the dealmaking is the looming patent expirations for blockbuster drugs, among them Merck’s Keytruda and Bristol Myers Squibb’s Opdivo, that will cut into pharma companies’ revenue. The desire to fill that gap helps explain why many of this year’s acquisitions so far–including Gilead’s $8.2 billion acquisition of cancer biotech Arcelix, Lilly’s $7.8 billion buy of neurology-focused Cantesa Pharmaceuticals and Merck’s $6.7 billion deal for oncology startup Terns Pharmaceuticals–involve next-generation modalities that would be expected to have a long patent runway.

Despite political pushback, big pharma’s rush to license therapies from China keeps going as that........

© Forbes