Pharmaceutical deal value drops 78.8% in September 2026

The pharmaceutical industry saw a significant decline in deal value in September 2026, falling 78.8% compared to September 2025. Despite this, the healthcare sector reported 85 deals totaling $6.2 billion. Conversely, venture capital funding in the healthcare industry rose by 21.6% to $4.2 billion.

Major transactions included Telix Pharmaceuticals Limited’s acquisition of Munich-based ITM Isotope Technologies Munich SE for up to $2.3 billion, aimed at expanding global radiopharmaceutical development. Other notable deals involved Puig acquiring a 50% stake in ISDIN SA for $1.39 billion, and GSK plc’s acquisition of a trispecific T cell-engager from Chimagen Biosciences Ltd for up to $750 million.

In the venture capital space, Enveda Therapeutics Inc. secured $311 million in Series E financing, while China-based Anew Labs raised $290 million.