Biopharma and medtech capital markets entered 2026 with selective momentum. In biopharma, licensing and M&A remained strong, helping lead venture and IPO activity. In medtech, improving exit conditions were supported by continued M&A activity and a modest reopening of the IPO market.

Biopharma venture funding totaled $5.2 billion in Q1 2026, while biopharma licensing reached $77.3 billion in announced value, with upfront cash representing 6% of total deal value. Biopharma M&A totaled $15.6 billion across 19 deals, and six biopharma IPOs raised $1.8 billion—already surpassing full-year 2025 proceeds.

In medtech, venture funding totaled $2.2 billion across 66 rounds in Q1 2026. Medtech M&A totaled $26.6 billion across 37 deals, while IPO activity remained selective, with one IPO raising $600 million on Nasdaq. Licensing activity remained limited, with fewer deals disclosing upfront payments and value concentrated in contingent structures.

The J.P. Morgan biopharma and medtech licensing and venture reports explore sector activity and deal trends that shaped Q1 2026. The reports, powered by DealForma, highlight:

• Venture funding by stage, round size and the continued shift toward later-stage capital
• Licensing deal values, upfront economics and the role of milestone-heavy structures
• M&A deal value, deal count and median upfront payments across both sectors
• IPO activity and capital raised as public markets reopen selectively
• Emerging trends in obesity and diabetes licensing, China-origin asset sourcing and modality-level investment patterns

Download these reports to gain deeper insights into current dealmaking trends, and connect with our Startup Banking experts to learn more.