Biotalk Episode 39: Asia’s 2026 Q3 Report: Global Trends in Biopharma Transactions
No megadeals, no retreat: China’s average deal fell to $1.7B, but it still holds 58% of global licensing value.
In the Asia-focused Episode 39, Geoff Meyerson (https://www.locustwalk.com/geoff-meyerson/), CEO of Locust Walk (https://www.locustwalk.com/), reviews 2026 Q3 trends across China, Japan, and Korea. Last quarter’s question was whether China’s record deal sizes would hold. They didn’t, but volume did, and that matters more.
China: $25B in licensing across 15 deals and a third straight billion-dollar-plus venture quarter. The Hang Seng Biotech Index rebounded 22%, jumping 5% in one session on draft U.S. Treasury rules.
Japan: Biotech finally outpaced pharma (+20%) on a record ¥36.6T health budget request, but the IPO window stayed shut for a second quarter.
Korea: The KOSPI is up 98% on semiconductors while biotech fell 14%, yet venture rebounded 24% to $109M.
Watching: U.S. Treasury rules on China partnerships, Japan’s lack of an IPO window, and Korea’s R&D funding model.
Listen to the full episode, explore the complete 2026 Q3 report (https://www.locustwalk.com/2026-q3-report-global-trends-in-biopharma-transactions/), and reach out to discuss what these trends mean for your strategy.
15 Oct 2026
Biotalk Episode 38: 2026 Q3 Report: Global Trends in Biopharma Transactions
M&A has already topped all of 2025, and China still holds 58% of global licensing value.
In Episode 38 of Biotalk, Geoff Meyerson (https://www.locustwalk.com/geoff-meyerson/), CEO of Locust Walk (https://www.locustwalk.com/), unpacks our 2026 Q3 Report: Global Trends in Biopharma Transactions (https://www.locustwalk.com/2026-q3-report-global-trends-in-biopharma-transactions/).
Licensing: $48B across 41 deals. Value fell 33% from Q2 on just a 5% drop in volume: the story was deal size, as Q2’s megadeals rolled off. Upfronts rebounded to 10% of deal value.
M&A: $173B year-to-date, already above full-year 2025, as buyers shifted toward de-risked, approved assets (52% of Q3 value).
China: 58% of 2026 licensing value, up from 48% in 2025.
Capital Markets: Nine IPOs, PIPEs up to $3.8B, and the XBI up 56% over twelve months, though 86 companies still trade below cash. The recovery is not uniform.
Outlook: An active but selective market, with capital following differentiated assets and clear risk-sharing. Benchmark against comparable deals, not headline megadeals.
16 Jul 2026
Biotalk Episode 37: Asia’s 2026 Q2 Report: Global Trends in Biopharma Transactions
During the Asia-focused Episode 37 of Biotalk, Geoff Meyerson, CEO of Locust Walk, reviews key trends from the 2026 Q2 Report: Global Trends in Biopharma Transactions, across China, Japan, and Korea.
China: Drove ~60% of first-half global licensing value, with the average deal nearing $3B and anchored by the $15B+ Bristol Myers Squibb–Hengrui collaboration. Venture financing posted a second straight billion-dollar-plus quarter ($1.2B) at a three-year high in deal volume.
Japan: The Nikkei hit fresh all-time highs, but biotech lagged and the IPO window paused with no offerings. Venture financing fell sharply, though GNI Group’s ~$278M acquisition of Ayumi Pharmaceutical provided a bright spot.
Korea: The KOSPI soared on the semiconductor cycle while biotech stayed flat. Venture financing eased to $88M across six early-stage deals, but Korea anchored a rebound in rest-of-world licensing to ~$6.1B across seven transactions.
Regional Takeaway: 2026 Q2 underscored Asia-Pacific’s rising centrality: China’s record out-licensing drove global deal value, Japan’s markets hit highs even as biotech lagged, and Korea kept building as an innovation hub.
Listen to the full episode, explore the complete 2026 Q2 report, and reach out to discuss what these trends mean for your strategy.
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