Uncertainty reigned early this year with the inauguration of President Donald Trump and his threats to impose tariffs and slash prescription drug prices. But as players in the biopharma industry have gotten a better handle on the impact of these measures and the overall investment landscape, valuations have become more predictable and dealmakers have focused on larger, lower-risk acquisitions. The recent trends bode well for the business development landscape in 2026 and beyond.

In this week’s episode of “The Top Line,” Arda Ural, EY Americas life sciences sector leader, joins Fierce Pharma’s Kevin Dunleavy to discuss the dealmaking landscape in the biopharma industry. They dig into the Federal Trade Commission’s scrutiny of M&A transactions, revitalized therapeutic areas, artificial intelligence investment and the emergence of China as an innovation powerhouse.

To learn more about the topics in this episode: 
2025 M&A up in value and deal count after year of 'conservatism and recovery': Leerink Partners
After a 'reset' year for M&A, expect bigger deals in 2025: reports

Uncertainty reigned early this year with the inauguration of President Donald Trump and his threats to impose tariffs and slash prescription drug prices. But as players in the biopharma industry have gotten a better handle on the impact of these measures and the overall investment landscape, valuations have become more predictable and dealmakers have focused on larger, lower-risk acquisitions. The recent trends bode well for the business development landscape in 2026 and beyond.
In this week&rsquo;s episode of &ldquo;The Top Line,&rdquo; Arda Ural, EY Americas life sciences sector leader, joins Fierce Pharma&rsquo;s Kevin Dunleavy to discuss the dealmaking landscape in the biopharma industry. They dig into the Federal Trade Commission&rsquo;s scrutiny of M&amp;A transactions, revitalized therapeutic areas, artificial intelligence investment and the emergence of China as an innovation powerhouse.
To learn more about the topics in this episode:&nbsp;
<ul>
<li><a href="https://www.fiercebiotech.com/biotech/2025-ma-value-and-count-after-year-conservatism-and-recovery-leerink-partners">2025 M&amp;A up in value and deal count after year of 'conservatism and recovery': Leerink Partners</a></li>
<li><a href="https://www.fiercepharma.com/pharma/after-reset-year-ma-expect-bigger-deals-2025-ey-report">After a 'reset' year for M&amp;A, expect bigger deals in 2025: reports</a></li>
</ul>

Biopharma and medtech explained. Every week, journalists from Fierce Biotech, Fierce Medtech, and Fierce Pharma recount the latest industry trends and why they matter. We'll analyze the week's biggest business news, from mergers and marketing to drug R&D and device development. Available every Friday morning. 

Biopharma and medtech explained. Every week, journalists from Fierce Biotech, Fierce Medtech, and Fierce Pharma recount the latest industry trends and why they matter. We'll analyze the week's biggest business news, from mergers and marketing to drug R&amp;D and device development. Available every Friday morning.&nbsp;

The Top Line

Biopharma and medtech explained. Every week, journalists from Fierce Biotech, Fierce Medtech and Fierce Pharma recount the latest industry trends and why they matter. We’ll analyze the week’s biggest business news—from mergers and marketing to drug R&D and device development. Available every Friday morning.

 

Biopharma and medtech explained. Every week, journalists from Fierce Biotech, Fierce Medtech and Fierce Pharma recount the latest industry trends and why they matter. We&rsquo;ll analyze the week&rsquo;s biggest business news&mdash;from mergers and marketing to drug R&amp;D and device development. Available every Friday morning.
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The biopharma dealmaking landscape and what to expect in 2026

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In this episode of Health Matters, GCI Health’s Ryan Kuresman and Health@WPP’s Wendy Lund explore the fast-shifting landscape of cancer care with Pam Traxel of the American Cancer Society Cancer Action Network. Traxel outlines the growing complexity facing patients—from navigating an expanding range of treatment options to managing rising costs.

The conversation also examines the evolving role of patient advocacy and the partnerships needed to drive meaningful change. Traxel emphasizes the importance of integrating lived experiences into policy, improving the credibility of patient-facing communication and strengthening early, ongoing collaboration between biopharma, policymakers and advocacy organizations. For healthcare and life sciences professionals seeking deeper insight into how access, innovation and policy must intersect to improve patient outcomes, this is a must-listen episode.

In this episode of Health Matters, GCI Health&rsquo;s Ryan Kuresman and Health@WPP&rsquo;s Wendy Lund explore the fast-shifting landscape of cancer care with Pam Traxel of the American Cancer Society Cancer Action Network. Traxel outlines the growing complexity facing patients&mdash;from navigating an expanding range of treatment options to managing rising costs.
The conversation also examines the evolving role of patient advocacy and the partnerships needed to drive meaningful change. Traxel emphasizes the importance of integrating lived experiences into policy, improving the credibility of patient-facing communication and strengthening early, ongoing collaboration between biopharma, policymakers and advocacy organizations. For healthcare and life sciences professionals seeking deeper insight into how access, innovation and policy must intersect to improve patient outcomes, this is a must-listen episode.

ACS CAN’s Pam Traxel joins WPP’s Wendy Lund to unpack what patients need most amid growing complexity in cancer care.

Advocacy, access and the future of cancer care take center stage in new Health Matters episode (Sponsored)

Research shows that women remain woefully underrepresented at the highest levels of leadership in the life sciences industry. Those who have broken through that glass ceiling, however, are not only doing groundbreaking work in pharma, biotech, medtech and beyond but also reframing what it means to be a leader in the sector—as evidenced by the often-unconventional career paths and management philosophies of the 10 women featured in this year’s Fiercest Women in Life Sciences report.

In this week’s episode of “The Top Line,” Fierce’s Andrea Park and Gabrielle Masson dive into the report, highlighting several honorees’ paradigm-busting approaches to leadership, mentorship and building inclusive teams.

To learn more about the topics in this episode:


2025's Fiercest Women in Life Sciences


4 reasons life sciences still fail women at the top, despite a female-majority workforce: report


GSK's Emma Walmsley to step down as CEO in shock move, giving way to commercial lead Luke Miels


Merck KGaA, grappling with geopolitical tensions, ⁠reveals CEO transition


Takeda taps Julie Kim to take over for retiring CEO Christophe Weber 

Research shows that women remain woefully underrepresented at the highest levels of leadership in the life sciences industry. Those who have broken through that glass ceiling, however, are not only doing groundbreaking work in pharma, biotech, medtech and beyond but also reframing what it means to be a leader in the sector&mdash;as evidenced by the often-unconventional career paths and management philosophies of the 10 women featured in this year&rsquo;s Fiercest Women in Life Sciences report.
In this week&rsquo;s episode of &ldquo;The Top Line,&rdquo; Fierce&rsquo;s Andrea Park and Gabrielle Masson dive into the report, highlighting several honorees&rsquo; paradigm-busting approaches to leadership, mentorship and building inclusive teams.
To learn more about the topics in this episode:
<ul>
<li aria-setsize="-1" data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" data-aria-posinset="1" data-aria-level="1">
<a href="https://www.fiercepharma.com/pharma/2025s-fiercest-women-life-sciences">2025's Fiercest Women in Life Sciences</a>
</li>
</ul>
<ul>
<li aria-setsize="-1" data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" data-aria-posinset="2" data-aria-level="1">
<a href="https://www.fiercebiotech.com/biotech/4-reasons-why-life-sciences-still-fails-women-top-despite-female-majority-workforce-report">4 reasons life sciences still fail women at the top, despite a female-majority workforce: report</a>
</li>
</ul>
<ul>
<li aria-setsize="-1" data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" data-aria-posinset="3" data-aria-level="1">
<a href="https://www.fiercepharma.com/pharma/gsks-emma-walmsely-step-down-ceo-shock-move-giving-way-commercial-lead-miels">GSK's Emma Walmsley to step down as CEO in shock move, giving way to commercial lead Luke Miels</a>
</li>
</ul>
<ul>
<li aria-setsize="-1" data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" data-aria-posinset="4" data-aria-level="1">
<a href="https://www.fiercepharma.com/pharma/merck-kgaa-names-new-ceo-geopolitical-tension-roils-pharma-semiconductor-giant">Merck KGaA, grappling with geopolitical tensions, ⁠reveals CEO transition</a>
</li>
</ul>
<ul>
<li aria-setsize="-1" data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" data-aria-posinset="5" data-aria-level="1">
<a href="https://www.fiercepharma.com/pharma/takeda-tabs-julie-kim-take-over-retiring-ceo-christophe-weber">Takeda taps Julie Kim to take over for retiring CEO Christophe Weber</a>&nbsp;
</li>
</ul>

2025’s Fiercest Women in Life Sciences are changing the game

Bayer is reshaping its pharmaceutical business with a new operating model designed to enhance collaboration and bring research & development and commercialization closer together. In a recent episode of The Top Line podcast, Bayer executives Christine Roth, Executive Vice President and Head of Global Product Strategy and Commercialization, and Dr. Yesmean Wahdan, Head of Medical Affairs for the United States and North America, discussed how the company’s Dynamic Shared Ownership framework is driving faster innovation and helping accelerate the development of new therapies for patients. The model removes traditional hierarchies, empowers cross-functional teams and encourages real-time collaboration across departments. 

Roth and Wahdan said the approach has already shortened regulatory timelines, reduced resource use and helped deliver treatments to patients sooner. By embedding commercial insights early in the research process, Bayer teams can anticipate market needs and focus on the greatest areas of unmet medical demand. The leaders said the company’s collaborative culture keeps patient benefit at the center of decision-making. To learn more about how Bayer’s model is transforming its pipeline, listen to the full episode of The Top Line. 

See more from Bayer’s Christine Roth and Dr. Yesmean Wahdan on their LinkedIn profiles below: 

Christine: https://www.linkedin.com/in/christine-roth-34b07b18/ 

Yesmean:https://www.linkedin.com/in/yesmean-h-wahdan-md-71409b199/ 

Bayer is reshaping its pharmaceutical business with a new operating model designed to enhance collaboration and bring research &amp; development and commercialization closer together. In a recent episode of The Top Line podcast, Bayer executives Christine Roth, Executive Vice President and Head of Global Product Strategy and Commercialization, and Dr. Yesmean Wahdan, Head of Medical Affairs for the United States and North America, discussed how the company&rsquo;s Dynamic Shared Ownership framework is driving faster innovation and helping accelerate the development of new therapies for patients. The model removes traditional hierarchies, empowers cross-functional teams and encourages real-time collaboration across departments.&nbsp;
Roth and Wahdan said the approach has already shortened regulatory timelines, reduced resource use and helped deliver treatments to patients sooner. By embedding commercial insights early in the research process, Bayer teams can anticipate market needs and focus on the greatest areas of unmet medical demand. The leaders said the company&rsquo;s collaborative culture keeps patient benefit at the center of decision-making. To learn more about how Bayer&rsquo;s model is transforming its pipeline, listen to the full episode of The Top Line.&nbsp;
See more from Bayer&rsquo;s Christine Roth and Dr. Yesmean Wahdan on their LinkedIn profiles below:&nbsp;
Christine: <a href="https://www.linkedin.com/in/christine-roth-34b07b18/">https://www.linkedin.com/in/christine-roth-34b07b18/</a>&nbsp;
Yesmean: <a href="https://www.linkedin.com/in/yesmean-h-wahdan-md-71409b199/">https://www.linkedin.com/in/yesmean-h-wahdan-md-71409b199/</a>&nbsp;

Company leaders at Bayer discuss how integrating R&D and commercialization is transforming drug development for greater impact.

The biopharma dealmaking landscape and what to expect in 2026

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