Semper Maior 2026: Biotech M&A – Inside the Room Where It Happens
In this year’s Semper Maior report, in addition to the usual analysis of how Core Biotech performed, we’ll review the biotech M&A landscape over the past several years, best practices for preparing for M&A, and tips for executing on a deal if and when the time comes. We’ll examine the crucial roles various advisors may play along the way. We’ll take stock of who’s buying, what they’re buying, and why. We’ll share some advice we’ve gleaned from some of the smartest and most connected dealmakers in biotech. A small mistake can be worth an astounding amount considering the many years of value creation that leads up to an exit.
Table of Contents
Part One:
In the Room Where It Happens
1. Role of M&A in the biotech ecosystem
2. M vs A
3. What we consider a biotech acquisition
4. M&A is a constant, not a variable
5. Studying M&A from the inside, for a long time
6. Preparation is everything
7. Selecting advisors: bankers and lawyers
- When, who, and how many
- The field of bankers
- One banker, two bankers
- Pure M&A banks vs. hybrid bank
- Selecting your M&A lawyers
8. Buckle Up: even more M&A insights
- Mining 14D9s
- Navigating Material Adverse Event clauses
- Contingent Value Rights
9. Buyers gotta buy
10. Sometimes, buy the launch
Part Two:
2025 – Great Year, Despite …
1. Core shrank
2. Sector performance
3. Cash needs are not a burden compared to value
4. Not an indiscriminate tide
5. Harvesting Peripheral alpha
6. 2025 performance was strong independent of M&A
7. Outlook on 2026