Hidden in Plain Sight: Five Strategies for Biotechs to Win in 2026 Dealmaking
The biopharma dealmaking environment has entered a more disciplined era. Deal counts continued to decline in 2025, IPO proceeds remained subdued and partnership deal values dropped 49% year-over-year. As such, capital has become more discerning.
In a recent Fierce Pharma Engage presentation, Michael Sarshad, Consulting Managing Director at Syneos Health, explored what this shift means for early-stage biotech companies seeking to stand out, secure funding and prepare for future partnering, backed by data from the Syneos Health Dealmakers’ Intentions 2026 survey.
Here are five strategies for biotechs seeking to compete in today’s selective dealmaking environment:
1. Advance Your Clinical Programs Further Than You Think You Need To
Global pharma is increasingly acquiring later-stage, de-risked assets. Sanofi’s $9.5 billion acquisition of Blueprint Medicines, anchored by the commercial-stage rare disease therapy Ayvakit, illustrates the premium buyers are placing on certainty. Biotechs may need to advance their clinical programs further than expected before attracting serious M&A interest. Early-stage companies should demonstrate robust preclinical data, while late-stage companies must prove both clinical efficacy and clear commercial viability.
2. Validate Your Market with Advanced Analytics and Stakeholder Insight
KOL input is no longer enough on its own to build a credible commercialization story. To stand out, biotechs need a more complete view of the market — one that combines stakeholder insight with advanced analytics to size the opportunity, segment audiences and pressure-test core assumptions.
That includes value proposition testing, message and positioning research and analog-based demand modeling. It also means looking beyond traditional advisory boards to engage the stakeholders closest to treatment and access decisions, including high-volume prescribers and payers, with additional input from care teams and patients where relevant. These inputs can help biotechs sharpen where they can credibly win, how their asset may be perceived and what evidence or messaging will matter most to future partners.
3. Build Your Value Story Before You Need It
Once biotechs have validated where their asset can credibly win, they need to focus on translating that insight into a clear value story partners can underwrite. For biotechs, that story integrates clinical promise, market insight and commercial assumptions into a clear narrative that is both defensible and differentiated.
Companies that prepare early can enter partnering discussions with a sharper view of where their asset fits, how it may be perceived, what evidence matters and how the opportunity compares. In one oncology case study, stakeholder research, payer input, investor engagement and message refinement helped the company articulate its value proposition and position the asset more credibly with potential partners.
4. Get Creative with Deal Structures
Today, straightforward acquisitions are being complemented by milestone-based licensing, co-commercialization agreements, option-to-buy structures and other flexible models. Buyers and sellers are increasingly using these structures to bridge valuation gaps, share risk and keep strategic conversations moving.
BioNTech’s $1.67 billion ADC deal with DualityBio, structured with upfront payments plus milestones, reflects this broader shift. Biotechs that are open to regional rights, co-development arrangements or earn-out structures may be better positioned to expand their universe of potential partners.
5. Invest in Pre-Launch Like Your Success Depends on It — It Does
Commercial readiness is becoming harder to separate from deal readiness. For biotechs seeking funding, partnering or eventual acquisition, pre-launch investment can signal whether the company understands not only the science, but also the path to market.
An analysis of SG&A spending patterns across dozens of biopharma launches found a striking correlation: successful companies typically spent 200–225% of their Year 1 revenue forecast in the year before launch. Companies that underinvested before launch were far less likely to meet Year 1 expectations, while launches that succeeded in Year 1 were more likely to sustain performance over time. And of the companies that didn’t meet expectations in Year 1, only ~20% were able to catch up in Years 2-5 to hit Year 5 revenue targets (in other words, it is really difficult to catch up).
The lesson is clear: start early, fund for impact and treat Year 1 as make-or-break. Even if a company plans to partner or out-license, preparing as if it were commercializing alone can strengthen its negotiating position.
The Bottom Line
The biopharma market is contracting in volume, but not in ambition. APAC has emerged as a global licensing hub, partnership and co-development models are becoming more important and buyers are prioritizing strategic alignment over scale.
The companies best positioned to compete will be able to demonstrate differentiated science, a credible path to value and the commercial readiness to help partners see the possibilities.
